The return of peace in 1815 unleashed powerful forces that revolutionized the organization of the economy. Spectacular changes in transportation facilitated the movement of commodities, information, and people, while textile mills and other factories created many new jobs, especially for young unmarried women. Innovations in banking, legal practices, and tariff policies promoted swift economic growth.

This was not yet an industrial revolution, as was beginning in Britain, but rather a market revolution fueled by traditional sources—water, wood, beasts of burden, and human muscle. What was new was the accelerated pace of economic activity and the scale of the distribution of goods. The nature and scale of production and consumption changed Americans’ economic behavior, attitudes, and expectations. The new economy also carried great risk, which periodically resulted in economic crashes.