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The Impact of the Civil War on Capital Intensity and Labor Productivity in Southern Manufacturing

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William Hutchinson
Robert A. Margo

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Abstract

The Civil War resulted in a substantial divergence in the regional structure of factor prices. In particular, wages fell in the South relative to the non-South, but interest rates and other measures of the costs of capital increased. Using archival data for manufacturing establishments, we show that capital-output and capital-labor ratios in southern manufacturing declined relative to non-southern manufacturing after the War, precisely in the direction implied by the regional shifts in factor prices. Labor productivity in Southern manufacturing also declined, but this decline is explained by the reduction in capital intensity.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 10886.

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Date of creation: Nov 2004
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Handle: RePEc:nbr:nberwo:10886

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Find related papers by JEL classification:
N61 - Economic History - - Manufacturing and Construction - - - U.S.; Canada: Pre-1913
N91 - Economic History - - Regional and Urban History - - - U.S.; Canada: Pre-1913

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Howard Bodenhorn & Hugh Rockoff, 1992. "Regional Interest Rates in Antebellum America," NBER Chapters, in: Strategic Factors in Nineteenth Century American Economic History: A Volume to Honor Robert W. Fogel, pages 159-187 National Bureau of Economic Research, Inc. [Downloadable!]
  2. Jeremy Atack & Fred Bateman & Robert A. Margo, 2003. "Capital Deepening in American Manufacturing, 1850-1880," NBER Working Papers 9923, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Robert E. Gallman, 1986. "The United States Capital Stock in the Nineteenth Century," NBER Chapters, in: Long-Term Factors in American Economic Growth, pages 165-214 National Bureau of Economic Research, Inc. [Downloadable!]
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