Economy Of The Confederate States Of America
The Confederate States of America had an agrarian-based economy that relied heavily on slave-worked plantations for the production of cotton for export to Europe and the northern US states. If ranked as an independent nation, it would have been the fourth richest country of the world in 1860. When the Union blockaded its ports in summer 1861, exports of cotton fell 95 percent and the South had to restructure itself to emphasize food production and munitions production. After losing control of its main rivers and ports, it had to depend on a rickety railroad system that, with few repairs being made, no new equipment, and federal raids, crumbled away. The financial infrastructure collapsed during the war as inflation destroyed banks and forced a move toward a barter economy for civilians. The government seized needed supplies and livestock (paying with certificates that were supposed to be paid off after the war, but never were). By 1865 the economy was in ruins.
Read more about Economy Of The Confederate States Of America: Agriculture, Manufacturing, Finance, Long Term Weaknesses
Famous quotes containing the words economy, confederate, states and/or america:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Figure a man’s only good for one oath at a time. I took mine to the Confederate States of America.”
—Frank S. Nugent (1908–1965)
“The one who first states a case seems right, until the other comes and cross-examines.”
—Bible: Hebrew, Proverbs 18:17.
“‘Society’ in America means all the honest, kindly-mannered, pleasant- voiced women, and all the good, brave, unassuming men, between the Atlantic and the Pacific. Each of these has a free pass in every city and village, ‘good for this generation only,’ and it depends on each to make use of this pass or not as it may happen to suit his or her fancy.”
—Henry Brooks Adams (1838–1918)