The market revolution sparked explosive economic growth and new personal wealth, but it also created a growing lower class of property-less workers and a series of devastating depressions, called “panics.” Many Americans labored for low wages and became trapped in endless cycles of poverty.
In the 1820s and 1830s, a market revolution was transforming American business and global trade. Factories and mass production increasingly displaced independent artisans. Farms grew and produced goods for distant, not local, markets, shipping them via inexpensive transportation like the Erie Canal.
The Market Revolution in the 19th century United States is a historical model which argues that there was a drastic change in the economy that disoriented and coordinated all aspects of the market economy in line with both nations and the world.
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