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
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