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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 ...
The economic history of the United States spans the colonial era through the 21st century. The initial settlements depended on agriculture and hunting/trapping, later adding international trade, manufacturing, and finally, services, to the point where agriculture represented less than 2% of GDP.
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 ...
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]
Marc-William Palen. "The Civil War's Forgotten Transatlantic Tariff Debate and the Confederacy's Free Trade Diplomacy," Journal of the Civil War Era 3: 1 (March 2013): 35–61; Marc-William Palen, "Debating the Causes of the Civil War," Not Even Past: A Project of the University of Texas History Department (Retrieved November 3, 2011) Daniel ...
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]
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.