The impact of the Civil War on capital intensity and labor productivity in southern manufacturing
نویسندگان
چکیده
After the Civil War wages fell in the South relative to the non-South, but interest rates and othermeasures of the costs of capital increased.Using archival data formanufacturing establishments, we show that capital–output and capital–labor ratios in southernmanufacturing declined relative to non-southern manufacturing after the War, precisely in the direction implied by the regional shifts in factor prices. Labor productivity in southern manufacturing also declined, and a significant portion of this decline can be attributed to the reduction in capital intensity. 2005 Elsevier Inc. All rights reserved.
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