Member Review Tariffs, Blockade and Inflation

wausaubob

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Apr 4, 2017
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Denver, CO
The Economics of the Civil War. Mark Thornton and Robert B. Ekelund, Jr. 2004 Scholarly Resources, Wilmington, DE.
This little gem is superb. It Is a summary of modern views of the economic issues related to the Civil War. But its also full of delightful research details related to the blockade and Confederate consumption patterns.
Their chapter IV about consequences of the war is very interesting though I disagree with almost all of their conclusions.
1. The Civil War might have the worst way for the US to end slavery. But the former enslaved populations were immensely better off and more productive as second class citizens than as slaves. The road to equality was going to be long and difficult, but the amount of family autonomy and cultural self determination gained by the formerly enslaved population made the US a better place.
2. The final resolution of slavery was a huge boon for the US. Particularly in Missouri during the 1860's and Texas in the 1870's, population growth and railroad investment took off. More importantly the resolution of slavery made the US look secure to both foreign investors and potential foreign immigrants. Both were major sources of economic stimulus between 1865 and 1890.
3. The amount of work done in four short years, under the incredible financial and time pressure of the Civil War, particularly in respect to telegraphy, railroad construction and operation, and massive US army logistics, made innovation and adoption of modern commercial methods a necessity. The US was sitting on the cusp of major technical advances in significant industries, like petroleum refining. The Civil War accelerated those changes. The scale of railroading changed dramatically, and innovation was necessarily stimulated by the money available.
The economic cost of the war was enormous. The money and lives expended could have been put into the civilian economy and produced even more rapid growth.
But the Civil War broke the stalemate between the past and future. And it was fought out to its final conclusion and no prolonged period of armed belligerency followed.
 
If the alternative to the US Civil War was peace and steady progress towards emancipation, then it was a waste. But if the alternative was a period of political deadlock, extended separation, and a later war, then the cost of the actual war has to be compared to the cost of the likely alternatives.
 
If the alternative to the US Civil War was peace and steady progress towards emancipation, then it was a waste. But if the alternative was a period of political deadlock, extended separation, and a later war, then the cost of the actual war has to be compared to the cost of the likely alternatives.
The real crux of this matter is there was no alternative. It happened when it did, and we are all better off due to it, in spite of the suffering and loss. It gave us character and strength, and let us know our limitations.
Lubliner.
 
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