The market revolution (that is moving from subsistence to a market economy) resulted in spectacular economic expansion and enormous personal riches, but it also resulted in a growing lower class of landless laborers and a series of terrible depressions known as "panics."
Many Americans worked at poor pay, being caught in never-ending cycles of poverty.
What are the advantages and disadvantages of moving from a subsistence economy to a market economy?
Increased efficiency, output, and innovation are all advantages of a market economy. A market economy encourages market players to compete freely. Significant advantages of a market economy include enhanced efficiency, productivity, and innovation.
Monopolies, no government action, bad working conditions, and unemployment are all disadvantages.
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