The Economics of the Civil War September 14, Economics of the civil war, Ch. 13 The civil war that took place in America in mid 19thcentury is well analyzed granting me the opportunity to understand in details the occurrences during that time. Several aspects of the war are tackled in consideration of the thesis and ideas developed by several researchers regarding the war and measures undertaken by the authorities to control the situation. The cold-blooded war that led to the loss of life was attributed to the difference in economies between the southern America and North America.
Crucial information by Claudia gives me a chance to understand the property rights that existed in the southern region while regarding the slaves, slave trade and slave valuation. Claudia gives an estimate that the value of slaves during the year 1860 was $2.7billion which was a lot of money during that time (Economics of the civil war 356). Furthermore, the article gives vital details on the level of harm the war caused to the people and economy of America. One major question is well-analyzed in the article.
It is a question about what caused the war. Several explanations are given with the general idea of emancipation of slaves leading to the issue. Southerners main economic activity was agriculture producing cotton for export in the European market. The article helps me understand better the concept by giving numerical data by Goldin and Lewis in 1860 on the actual cost of war on American people and economy. Reading through the article gives me a better understanding of how war causes the resource allocation to the military that is costly to the people of the nation under consideration.
The other answered question in the article is about the strategies used by the government in the quest to free the slaves and abolish the slave trade. One of the topics or rather the concept in the article related to economics is currency devaluation. It is a step taken by the American government after the war that made investors have doubts on investing or loaning money to the American people. This affected trade with other countries and the step had to be taken by the authorities.