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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 ]
While the North doubled its money supply during the war, the money supply in the South increased twenty times over. [5] The extensive reliance on the money-printing press to finance the war contributed significantly to the high inflation the South experienced over the course of the war, although fiscal matters and negative war news also played ...
The financial infrastructure collapsed during the war as inflation destroyed banks and forced a move toward a barter economy for civilians. The Confederate government seized needed supplies and livestock (paying with certificates that were promised to be paid off after the war, but never were). By 1865, the Confederate economy was in ruins.
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]
Tariffs, Blockades, and Inflation: The Economics of the Civil War is an economics book written by Mark Thornton and Robert Ekelund. The book, written from an Austrian School viewpoint, covers the socioeconomic situations of the American Civil War .
Inflation can also be a sign of a booming economy. During periods of growth, businesses are making money and hiring new workers, who then have more disposable income, which increases demand and ...
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The ripple effects of the COVID-19 pandemic, coupled with rising interest rates, have led to a large increase in the cost of consumer goods. Brands were able to justify the price increases as the ...