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The main differences between Northern and Southern economies is in the ways they made their money. In the South money was mainly made on farms and plantations, which relied heavily on slave work to maintain. On the contrary, manufacturing supplied most of the money for the Northern economy.
Slavery affected other areas of the world in many ways. Slave maintained farms in the South actually supplied two-thirds of the worlds cotton supply, and lots of cotton exports such as cloth were shipped from the US to Europe. On a crueler note in order to get slaves they had to capture lots of African, many of which died on the trip to their destination.
The use of slaves as property- or even a commodity- they were used as bargaining pieces, traded for many kinds of goods and services. ''When calculating the value of estates, the estimated value of each slave was included. This became the source of tax revenue for local and state governments,'' (How Slavery Helped Build a World Economy, National Geographic) this shows that by treating slaves as property the government could collect taxes on them to create revinue, and buld the economy.
The cotton gin jump started the Souths slave trade after its slight decline in the 1790's. With this increasing demand for slaves more and more needed to be enslaved, and the existing ones became more and more valuable.
Slavery basically made up the Southern economy. Almost all of the money in the South was made on plantations, which were worked by slave farmhands. Without slavery the entire Southern economy would have gone bankrupt.
Economics of Slavery