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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 ...
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 .
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 anticipated tariff revenue never appeared as the Union Navy blockaded their ports and the Union army restricted their trade with the Northern states. The Confederacy collected a mere $3.5 million in tariff revenue from the Civil War start to end and had to resort to inflation and confiscation instead for revenue. [66]
A $5 United States Note of the series of 1862 popularly known as a "greenback" from the color of ink used on the reverse. The American Civil War of 1861 to 1865 greatly affected the financial system of the United States of America, creating vast new war-related expenditures while disrupting the flow of tax revenue from the Southern United States, organized as the Confederate States of America.
All were the result of multiple factors, mostly related to the Civil War: Inflation had caused prices to soar while incomes had not kept pace. [2] Refugees had flooded the cities, causing severe shortages of housing and overwhelming the old food supply system. [3] Richmond's population went from 38,000 people in 1860 to over 100,000 by 1863. [4 ...
The average annual income (after inflation) of non-farm workers grew by 75% from 1865 to 1900, and then grew another 33% by 1918. [1] With a victory in 1865 over the Southern Confederate States in the Civil War, the United States became a united nation with a stronger