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Quick takeaways
- The Civil War led to the creation of a modern financial system in the US, including national currency and taxation, which had a lasting impact on the country's economy.
- The North successfully financed the war through the implementation of paper money, a tax system, and long-term bond sales, while the South struggled due to limited industry, inadequate taxation, and reliance on short-term loans.
Deep dives
The Civil War as a Turning Point in Finance
The Civil War was not just a pivotal moment for the country politically, but also economically. Roger Lowenstein, author of a book on the Civil War, explains that during the war, the federal government had to build the foundations of the modern financial system that we have today, including the creation of a national currency, taxation system, and the use of paper money. These financial innovations were crucial for funding the war and have had a lasting impact on the country's economy.
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