| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25392 |
| 来源ID | Working Paper 25392 |
| Capital Destruction and Economic Growth: The Effects of Sherman's March, 1850-1920 | |
| James J. Feigenbaum; James Lee; Filippo Mezzanotti | |
| 发表日期 | 2018-12-24 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Using 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 medium 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. |
| 主题 | History ; Financial History ; Other History |
| URL | https://www.nber.org/papers/w25392 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583066 |
| 推荐引用方式 GB/T 7714 | James J. Feigenbaum,James Lee,Filippo Mezzanotti. Capital Destruction and Economic Growth: The Effects of Sherman's March, 1850-1920. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25392.pdf（7214KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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