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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 main prewar agricultural products of the Confederate States were cotton, tobacco, and sugarcane, with hogs, cattle, grain and vegetable plots. Pre-war agricultural production estimated for the Southern states is as follows (Union states in parentheses for comparison): 1.7 million horses (3.4 million), 800,000 mules (100,000), 2.7 million dairy cows (5 million), 5 million sheep (14 million ...
Foner, Eric et al. "Talking Civil War History: A Conversation with Eric Foner and James McPherson," Australasian Journal of American Studies (2011) 30#2 pp. 1–32 in JSTOR; Ford, Lacy, ed. A Companion to the Civil War and Reconstruction Blackwell, 2005) online; Grow, Matthew. "The shadow of the civil war: A historiography of civil war memory."
The American Civil War ended in April 1865, and the country entered a lengthy period of general deflation that lasted until 1896. The United States occasionally experienced periods of recession during the Reconstruction Era. Production increased in the years following the Civil War, but the country still had financial difficulties. [19]
In the many decades between the Revolutionary War and the Civil War, such divisions became increasingly irreconcilable and contentious. [1] Events in the 1850s culminated with the election of the anti-slavery Republican Abraham Lincoln as president on November 6, 1860.
He implemented a 44-percent tariff during the Civil War—in part to pay for railroad subsidies and for the war effort, and to protect favored industries. [48] Tariffs remained at this level even after the war, so that the North's victory in the Civil War allowed the U.S. to remain one of the largest users of tariff protection for industry.
The American Civil War (April 12, 1861 – May 26, 1865; also known by other names) was a civil war in the United States between the Union [e] ("the North") and the Confederacy ("the South"), which was formed in 1861 by states that had seceded from the Union.
By the war's end, its price had dropped to 1.7 cents. [2] Overall, prices in the South increased by more than 9000% during the war, averaging about 26% a month. [3] The Secretary of the Treasury of the Confederate States, Christopher Memminger (in office 1861–1864), was keenly aware of the economic problems posed by inflation and loss of ...