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The economic history of the American Civil War concerns the financing of the Union and Confederate war efforts from 1861 to 1865, and the economic impact of the war. The Union economy grew and prospered during the war while fielding a very large Union Army and Union Navy . [ 1 ]
The Civil War has been commemorated in many capacities, ranging from the reenactment of battles to statues and memorial halls erected, films, stamps and coins with Civil War themes being issued, all of which helped to shape public memory. These commemorations occurred in greater numbers on the 100th and 150th anniversaries of the war. [308]
According to Shank, "negative unintended consequences occur either concurrently with the war or develop as residual effects afterwards thereby impeding the economy over the longer term". [17] In 2012 the economic impact of war and violence was estimated to be eleven percent of gross world product (GWP) or 9.46 trillion dollars. [18]
Known as the Alabama Claims, the controversy was partially resolved peacefully after the Civil War when the US was awarded $15.5 million in arbitration by an international tribunal only for damages caused by the warships. In the end, British involvement did not significantly affect the outcome of the war. [7]
The conclusion of the American Civil War commenced with the articles of surrender agreement of the Army of Northern Virginia on April 9, at Appomattox Court House, by General Robert E. Lee and concluded with the surrender of the CSS Shenandoah on November 6, 1865, bringing the hostilities of the American Civil War to a close. [1]
The Civil War had a devastating economic and material impact on the South, where most combat occurred. The enormous cost of the Confederate war effort took a high toll on the region's economic infrastructure. The direct costs in human capital, government expenditures, and physical destruction totaled $3.3 billion.
Later, in his seven-volume History of the United States from the Compromise of 1850 to the Civil War (1893–1900), James Ford Rhodes identified slavery as the central – and virtually only – cause of the Civil War. The North and South had reached positions on the issue of slavery that were both irreconcilable and unalterable.
The Union blockade in the American Civil War was a naval strategy by the United States to prevent the Confederacy from trading.. The blockade was proclaimed by President Abraham Lincoln in April 1861, and required the monitoring of 3,500 miles (5,600 km) of Atlantic and Gulf coastline, including 12 major ports, notably New Orleans and Mobile.