Betting on Secession: Quantifying Political Events Surrounding Slavery and the Civil War
Abraham Lincoln's election produced Southern secession, Civil War, and abolition. Using a new database of slave sales from New Orleans, we examine the connections between political news and the prices of slaves for 1856-1861. We find that slave prices declined by roughly a third from their 1860 peak, reflecting increased southern pessimism regarding the possibility of war and the war's possible outcome. The South's decision to secede reflected the beliefs that the North would not invade to oppose secession, and that emancipation of slaves without compensation was unlikely, both of which were subsequently dashed by Lincoln's actions.
|Date of creation:||Nov 2013|
|Publication status:||published as Betting on Secession: Quantifying Political Events Surrounding Slavery and the Civil War Charles W. Calomiris Jonathan Pritchett AMERICAN ECONOMIC REVIEW VOL. 106, NO. 1, JANUARY 2016 (pp. 1-23)|
|Note:||AP DAE POL|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
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