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dc.contributor.authorFeigenbaum, James J.en_US
dc.contributor.authorLee, Jamesen_US
dc.contributor.authorMezzanotti, Filippoen_US
dc.date.accessioned2018-03-15T17:45:58Z
dc.date.available2018-03-15T17:45:58Z
dc.date.issued2017
dc.identifier.citationJJ Feigenbaum, J Lee, F Mezzanotti. 2017. "Capital Destruction and Economic Growth: The Effects of Sherman’s March, 1850-1920."
dc.identifier.urihttps://hdl.handle.net/2144/27528
dc.descriptionWorking paper.en_US
dc.description.abstractUsing General William Sherman’s 1864--65 military march through Georgia, South Carolina, and North Carolina during the American Civil War, this paper studies the effect of capital destruction on short- and long-run local economic activity, and the role of financial markets in the recovery process. We match an 1865 US War Department map of Sherman’s march to county-level demographic, agricultural, and manufacturing data from the 1850–1920 US Censuses. We show that the capital destruction induced by the March led to a large contraction in agricultural investment, farming asset prices, and manufacturing activity. Elements of the decline in agriculture persisted through 1920. Using information on local banks and access to credit, we argue that the underdevelopment of financial markets played a role in weakening the recovery.en_US
dc.subjectSherman, Williamen_US
dc.subjectCensus dataen_US
dc.subjectSherman's Marchen_US
dc.subjectAgricultureen_US
dc.subjectAmerican Civil Waren_US
dc.subjectGeorgiaen_US
dc.subjectSouth Carolinaen_US
dc.subjectNorth Carolinaen_US
dc.subjectManufacturingen_US
dc.titleCapital Destruction and Economic Growth: The Effects of Sherman’s March, 1850-1920en_US
dc.typeArticleen_US
pubs.elements-sourcemanual-entryen_US
pubs.notesEmbargo: Not knownen_US
pubs.organisational-groupBoston Universityen_US
pubs.organisational-groupBoston University, College of Arts & Sciencesen_US
pubs.organisational-groupBoston University, College of Arts & Sciences, Department of Economicsen_US
dc.identifier.orcid0000-0002-1625-2021 (Feigenbaum, JJ)


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