Capital Destruction and Economic Growth: The Effects of Sherman's March, 1850-1920

  title={Capital Destruction and Economic Growth: The Effects of Sherman's March, 1850-1920},
  author={James J. Feigenbaum and James G. Lee and Filippo Mezzanotti},
  journal={PSN: Economic Effects (Topic)},
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… 
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