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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 ...
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.
What was left over went to the farmer. The system ended in the 1940s as prosperity returned and many poor farmers moved permanently to cities and towns, where jobs were plentiful because of World War II. After the American Civil War, farmers in the South had little cash.
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]
The Civil War had collapsed the Democrats' national machine and given the GOP the chance to entrench its own national machine that held for 70 years. Republicans fully took credit for winning the war and abolishing slavery, and were firmly established as the party of big business, the gold standard, and economic protectionism.
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. [15] 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. [12]
After 1800, cotton became the chief crop in southern plantations, and the chief American export. After 1840, industrialization and urbanization opened up lucrative domestic markets. The number of farms grew from 1.4 million in 1850, to 4.0 million in 1880, and 6.4 million in 1910; then started to fall, dropping to 5.6 million in 1950 and 2.2 ...