Of course any account of the economic effect of slavery should note the effect of treating human beings as capital equipment.
Governments on both sides were forced to resort to borrowing on an unprecedented scale to meet the financial obligations for the war. But the most important threat to slavery came from abolitionists, who denounced slavery as immoral.
And this meant that they were productive. In and the government covered less than 15 percent of its total expenditures through taxes.
When the Union offensives in Georgia and Virginia stalled in the summer ofprices stabilized for a few months, only to resume their upward spiral after the fall of Atlanta in September Macroeconomics includes various concepts and variables, but macroeconomics research has three central themes.
From the outset, the Confederates relied heavily on funds borrowed outside the South to purchase supplies abroad. Slave sellers are responsible for their remarks, require disclosure of known flaws, and often bear unknown deficiencies and are bound by well-defined contractual languages.
The financial markets of the North were strained by these demands, but they proved equal to the task.