THE VIRGINIA DYNASTY 1801 1825
EMBARGO OF 1807
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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No significant effects
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reliance on domestic manufacturing
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prices of domestic shipping were driven up
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None of the above
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Detailed explanation-1: -Jefferson’s Embargo Act outlawed trade between America and any foreign port, effectively closing in the American economy. The Embargo Act was one of the major factors leading up to the War of 1812 as it ended up increasing the hostilities that already existed between America and Britain.
Detailed explanation-2: -Agricultural prices and earnings fell. Shipping-related industries were devastated. Existing markets were wrecked. Unemployment increased.
Detailed explanation-3: -The embargo was an unpopular and costly failure. It hurt the American economy far more than the British or French, and resulted in widespread smuggling. Exports fell from $108 million in 1807 to just $22 million in 1808. Farm prices fell sharply.
Detailed explanation-4: -The embargo had little effect in Europe, but it imposed an unpopular restriction on New England merchants and exporters (see Hartford Convention). Legislation passed in 1809 lifted the embargo, but continued British interference with U.S. shipping led to the War of 1812.