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Turning Points in the U.S. Civil War: A British Perspective
William O. Brown Jr. and Richard C. K. Burdekin
The Journal of Economic History
Vol. 60, No. 1 (Mar., 2000), pp. 216-231
Stable URL: http://www.jstor.org/stable/2566803
Page Count: 16
You can always find the topics here!Topics: Cotton, Prices, Civil wars, War, Financial bonds, Bond markets, Surrender, Percentage change, Rumors, Market prices
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This article examines the Confederate cotton bonds floated in Europe in March 1863 and traded on the London market. Over a 27 March 1863 to 17 June 1865 sample we isolate two, nonreversed, "turning points" that follow news of Confederate defeat at Gettysburg and Vicksburg in July 1863 and the fall of Atlanta in September 1864. The analysis suggests that the turning points important to Southern interests differ from those identified for the Northern side by Kristen Willard, Timothy Guinnane, and Harvey Rosen. It seems that war news did not always have symmetric effects on North and South.
The Journal of Economic History © 2000 Economic History Association