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During the first half of the 1800s, the U.S. economy experienced explosive growth in output and trade, and a rise in the standard of living for millions of Americans. This dynamic and expansive growth was, in part, a consequence of the rise of factories, a transportation revolution via canal and rail, a communications revolution spurred by invention of the telegraph, increasing agricultural yields and the mechanization of farm equipment, a rising prosperity for financial institutions, and larger cities. Historians call this new economy:
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