Process/Examples
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Post- Civil War the Southern economy collapsed. Many different things caused the economic downfall, however there were a few reasons which impacted it the most. Due to the South's banking system being located in New York, they lost it during the war. This caused the South to have no money of value at all since they had no gold or silver reserves. Along with having no money, the South also had no workers. Many men, including slaves, went to war which left the agricultural land with nobody to farm it. This resulted in less agriculture being produced and less money flowing in the South's economy. Post- War many landowners went into debt due to there being little to none slaves. This caused them to have to actually pay their workers, providing the landowners with less money. Lastly, and one of the biggest contributions to the crash of the South's economy post- civil war was the limited amount of jobs.