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The British upper classes were still sulking about the American Revolution, and were quite happy to see the young democracy split in two.

The Confederacy assumed that the British would be so desperate for cotton that they would be willing to export weapons in exchange for it. But there happened to be a glut of cotton on the market in 1861. Also the cotton workers in Lancashire were willing to sacrifice their jobs, rather support slavery.

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Q: What are Britain's economic and political interests in the American Civil War?
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