Economic Issues Related to War in US History

What must first be noted about the economic aspects of the American Revolution is that the war eventually guaranteed the new nation territorial sovereignty. This was to prove decisive not only in the political sense but also in the sense that, geographically isolated from European politics, America could come into its own and develop its own economic as well as political character. The economic benefits and disadvantages of absolute independence were laid bare after the war, for it developed that, in the postwar period, America was groping for a rational economic structure that it could not support as a confederation. The end of the war forced the United States to develop an economic system that could support itself and validate its political standing in the world. During the war it had depended on France and on chance rather than on national economic policy: "French gold financed the war . . . Confiscated Loyalist property was sold for the benefit of the new State Governments; and Congress, unable to collect its requisitions, wa

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proximity to cheap transportation, and the ability to benefit from the economies of largescale production . . . In short, there were enormous variations in the returns upon investments in slave labor from master to master and from year to year. For the "average slaveholder" is, of course, an economic abstraction, albeit a useful one (Stampp, 1956, p. 390). Stamp's view is that slavery survived and was fought for because it "was not purely or exclusively an economic institution: it was also part of a social pattern made venerable by long tradition and much philosophizing" (Stampp, 1956, p. 385). One may add that the philosophizing appears to have been indistinguishable from rationalization, particularly considering the economic variables that Stampp cites. But this very fusion of economics and rationalization must be said to have been powerless against the Northern industrial juggernaut during the War. It may be inferred that if the Civil War did nothing else, it discredited the myth of the absolute need for slavery to support Southern agriculture in an objective sense. Instead, slavery supported an imaginary idea of Southern agriculture. The difference made the North victorious. If World War I brought the American economy dec
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Approximate Word count = 2243
Approximate Pages = 9 (250 words per page)