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Watersheds and Turning Points: Conjectures on the Long-Term Impact of Civil War Financing

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  • Williamson, Jeffrey G.

Abstract

What accounts for the “epochal†changes in capital formation shares and capital goods' prices during the 1860's? The pages following document an epochal rise in American gross saving rates centered on the Civil War decade. They also establish a symmetrical episodic shift in the relative price of manufactured durable investment goods. Not only did the American investment share in GNP rise dramatically (and permanently) between the 1850's and 1870's, but the relative price of capital goods declined sharply over the same period. This relative price change was pronounced and it was never again repeated in a subsequent century of development.

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  • Williamson, Jeffrey G., 1974. "Watersheds and Turning Points: Conjectures on the Long-Term Impact of Civil War Financing," The Journal of Economic History, Cambridge University Press, vol. 34(3), pages 636-661, September.
    • Handle: RePEc:cup:jechis:v:34:y:1974:i:03:p:636-661_07
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    Cited by:

    1. Robert A. Margo, 1992. "Wages and Prices during the Antebellum Period: A Survey and New Evidence," NBER Chapters, in: American Economic Growth and Standards of Living before the Civil War, pages 173-216, National Bureau of Economic Research, Inc.
    2. 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.
    3. Andrew J. Seltzer, 2021. "Globalisation, migration, trade and growth: Honouring the contribution of Jeff Williamson to Australian and Asia‐Pacific economic history—Guest Editor's introduction," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 61(2), pages 128-135, July.
    4. Suto, Isao & James, John A., 1999. "Savings and early economic growth in the United States and Japan," Japan and the World Economy, Elsevier, vol. 11(2), pages 161-183, April.
    5. Dempster, Gregory M. & Isaacs, Justin P., 2014. "Structural change in the U.S. economy: 1850–1900," Structural Change and Economic Dynamics, Elsevier, vol. 31(C), pages 112-123.
    6. Seltzer, Andrew J., 2021. "Globalisation, migration, trade and growth: honouring the contribution of Jeff Williamson to Australian and Asia-Pacific economic history—Guest Editor's introduction," LSE Research Online Documents on Economics 111038, London School of Economics and Political Science, LSE Library.
    7. Casey B. Mulligan, 2015. "In-Kind Taxes, Behavior, and Comparative Advantage," NBER Working Papers 21586, National Bureau of Economic Research, Inc.

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