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Article: War debt, moral hazard, and the financing of the Confederacy.(model of war spending and borrowing for the American Confederacy during the Civil War)
- Article from:
- Journal of Money, Credit & Banking
- Article date:
- May 1, 1996
- Author:
CopyrightCOPYRIGHT 1996 Ohio State University Press. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The unsuccessful war for independence of the Confederate States of America from the United States of America, usually called the American Civil War, lasted for four years from April 1861 to April 1865. According to the calculations of Goldin and Lewis (1975), total Confederate war spending, measured in United States gold dollars, amounted to about $108 per capita. For comparison, Goldin and Lewis estimate annual per capita consumption in the Confederacy to have been about $86 in 1860 and to have declined to less than $43 by Until almost two years into the war, however, the Confederate government undertook no external borrowing. Moreover, the Confederacy's first external ...