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The war in Europe against the French Empire under Napoleon ensured that the British did not consider the War of 1812 against the United States as more than a sideshow. [283] Britain's blockade of French trade had worked and the Royal Navy was the world's dominant nautical power (and remained so for another century).
The United States and the United Kingdom signed the Treaty of Ghent on December 24, 1814, ending the War of 1812. [4] The British government effectively relinquished its effort to impose mercantilist policies on the United States, preparing the way for the development of free trade and the opening of America's vast western frontier.
The economy grew every year from 1812 to 1815 despite a large loss of business by East Coast shipping interests. Wartime inflation averaged 4.8% a year. [105] The national economy grew 1812–1815 at the rate of 3.7% a year, after accounting for inflation. Per capita GDP grew at 2.2% a year, after accounting for inflation. [104]
The Napoleonic army on campaign, according to Jacques Swebach.. The economic and logistical aspects of the Napoleonic Wars describe all the economic factors involved in material management—economic policies, production, etc.—and financial management—funding war expenditures, etc.—of the wars conducted under the Consulate and the First Empire, as well as the economic causes and ...
The War of 1812: Conflict for a Continent (Cambridge Essential Histories, 2012) brief overview by New Zealand scholar; Tucker, Spencer C., ed. The Encyclopedia of the War of 1812 (3 vol: ABC-CLIO, 2012), 1034pp. Zuehlke, Mark. For Honour's Sake: The War of 1812 and the Brokering of an Uneasy Peace. (2007) by Canadian military historian.
The leading historian of the era was Ulrich Bonnell Phillips, who studied slavery not so much as a political issue between North and South, but as a social and economic system. He focused on the large plantations that dominated the South. Phillips addressed the unprofitability of slave labor and slavery's ill effects on the Southern economy.
Between 1792 and the war with Britain in 1812, the average tariff level remained around 12.5%, which was too low to encourage consumers to buy domestic products and thus support emerging American industries. When the Anglo-American War of 1812 broke out, all rates doubled to an average of 25% to account for increased government spending. The ...
The absence of a national bank during the War of 1812 greatly hindered financial operations of the government; therefore a second Bank of the United States was created in 1816. From its inception, the Second Bank was unpopular in the newer states and territories and with less prosperous people everywhere.