Inflation during the US Civil War
6/22/2024 11:02 am | : 1 min.
I am currently reading The Shortest History of Economics by Andrew Leigh. During its section about the Industrial Revolution, it touches on the industrialization of war by discussing the US Civil War. I found the below passage fascinating as the inflation during the war was not something I'd ever heard about before.
During the course of the Civil War, the South funded 60 percent of its costs through inflation (compared with 13 percent for the north). By the end of the war, the South was printing so much money that goods cost ninety-two times as much as they had done when the conflict began.
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