Cotton Versus Coal: Economic Growth and Development of Antebellum America from Leading Sector Growth to Diversified Development
Date
2016-12
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
University of Delaware
Abstract
The 1840s were a decade of great acceleration in the manufacturing sector.
Though lots of research has been conducted upon particular aspects of this decade, a
synthesis explaining the manufacturing developments has not been compiled. This
paper takes the stance that trouble in the cotton market caused the market to diversify,
allowing manufactured goods to gain attention in the American economy. By looking
closely at anthracite coal quantities and prices, and comparing them with the cotton
market, there is a correlation in the stability in the coal market and the downfall of
cotton. This builds heavily on the hypothesis that anthracite was integral to
manufacturing and that cotton speculation by the Bank of the United States caused the
Crisis of 1839. This implies that America could not become an industrialized economy
from one commodity.
Description
Keywords
economics, cotton, coal, america, sector growth