November 2 - Cotton is the most valuable product in the...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Cotton is the most valuable product in the United States. It represents over half of all the exports they U.S. sells to other countries. More valuable than wheat, corn, and livestock combined. In 1860, ½ of richest Americans live in the South. If South were a country, it would be wealthier than any other country except England. Cotton is extremely profitable. One slave can profit $78/year, and only cost $30. Cost of slaves went up even though the number of slaves quadrupled. The demand was greater than the number of slaves. Impact of Slavery on economy -Myth that slavery would have extinguished itself/ -Slavery does limit Southern growth -Slavery and cotton nearly guaranteed 10% returns. -Southerners who have money to invest, invest in land and slaves. _Because of the guarantee return in land and slaves, they only invest in that and not anything else, like new businesses. -Growth in south is relied on one commodity -Southerners need businesses to go to: banks, insurance companies, transportation
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern