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Essay / The American Revolution: the impact of...
The American Revolution caused the economy to suffer from inflation and large debts, with the Continental Congress forced to print money to pay the war. The United States was so indebted to foreign countries that Spain closed the Mississippi River in 1784 and many North African states began pirating Yankee trading ships. In order to manage this debt, Hamilton introduced the Funding Act of 1790, which proposed that the United States government would assume the debts of all states and attempt to repay them at face value. The main economic difference brought about by the American Revolution was the increase in available land and business opportunities. The Treaty of Paris of 1783 granted the United States more federally controlled land. Under the Land Ordinances of 1785 and the Northwest Ordinance of 1787, the federal government divided the land into 36 sections for sale so that additional settler territories could eventually become states after reaching 60,000 residents. . The last minor impact of the American Revolution was commerce. Freed from British rule, Americans were no longer subject to mercantilist ideas aimed at limiting and controlling trade. As a result, many Yankee ships sailed far to make trade deals with foreign countries, whereas previously they could only trade with Britain. Despite the little more economic enterprise justified for