Not everyone benefited equally from the market revolution, least of all those nonwhites for whom it was an unmitigated disaster. Jacksonianism, however, would grow directly from the tensions it generated within white society. Mortgaged farmers and an emerging proletariat in the Northeast, nonslaveholders in the South, tenants and would-be yeomen in the West "all had reasons to think that the spread of commerce and capitalism would bring not boundless opportunities but new forms of dependence. And in all sections of the country, some of the rising entrepreneurs of the market revolution suspected that older elites would block their way and shape economic development to suit themselves.
By the 1820s, these tensions fed into a many-sided crisis of political faith. To the frustration of both self-made men and plebeians, certain eighteenth-century elitist republican assumptions remained strong, especially in the seaboard states, mandating that government be left to a natural aristocracy of virtuous, propertied gentlemen. Simultaneously, some of the looming shapes of nineteenth-century capitalism "chartered corporations, commercial banks, and other private institutions "presaged the consolidation of a new kind of moneyed aristocracy. And increasingly after the War of 1812, government policy seemed to combine the worst of both old and new, favoring the kinds of centralized, broad constructionist, top-down forms of economic development that many thought would aid men of established means while deepening inequalities among whites. Numerous events during and after the misnamed Era of Good Feelings "among them the neo-Federalist rulings of John Marshall's Supreme Court, the devastating effects of the panic of 1819, the launching of John Quincy Adams's and Henry Clay's American System "confirmed a growing impression that power was steadily flowing into the hands of a small, self-confident minority.