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

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

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