Summarize in one paragraph The economic changes of the early American Republic were indeed revolutionary to some extent. The period saw the transition from a largely agrarian economy to one that increasingly embraced commerce and manufacturing, setting the stage for the Industrial Revolution. Development of Market Economy: The early republic saw the rise of a market economy. Goods were increasingly produced for sale in domestic and international markets rather than for personal use. This was a significant shift from the subsistence farming that characterized much of colonial America. Industrialization: The early republic laid the groundwork for the Industrial Revolution. Innovations like the cotton gin and the steamboat revolutionized production and transportation, leading to the growth of factories and urban centers. Infrastructure Development: The government initiated projects like roads, canals, and railroads (the "internal improvements") to facilitate trade and commerce. The Erie Canal, for example, connected the Great Lakes with the Atlantic Ocean, opening up new markets for American goods. Financial Innovations: The period also saw financial innovations like the creation of a national bank, the issuance of paper money, and the development of complex financial instruments. These changes helped fuel economic growth by making capital more accessible. Changes in Labor: The shift from an agrarian to an industrial economy also transformed labor. There was a move from sel