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What else can I help you with?
How did high tariffs on imported goods affect the southerns economy?
The tariffs protected Northern industry from cheap imports. The South had virtually no industry, and cheap imports suited them very well. So with a Northern majority in Congress, the tariffs looked like the North taxing the South. This pulled the two sides further apart.
Why is investment so important to GDP?
investment is part of output, so if we have a low investment, we will have a lower GDP holding all other factors constant.
How did the economic resources of the north and the south affect the war?
The south's greatest weakness was its economy, the north barricaded them on the seaboard, so the south had no money from their cotton industry. They also had no food for their soldiers because the food factories were in the north.
Why did the North wanted Tariffs and the South did not?
The North wanted to proetct its industry against foreign imports. The South only had cotton, and needed all kinds of imports. So the Tariffs were seen as a tax by the North on the South.
What is the economic reason for making a risky investment?
An investment is considered risky if the probability of loss is high. However, risky investments can also produce dramatic gains. So if you want to speculate that a given risky investment will pay off, you have to balance that against the possibility that you will lose some or all of the investment. That's why rash or all-or-nothing investment strategies lead to ruin.
What did the North want to protect its industry?
It wanted to protect its industry by levying tariffs (taxes) on cheap imports. The South had very little industry, and needed cheap imports. So the tariffs looked like a tax by the North on the South.
What issue almost cause South Carolina to secede from the union?
Tariffs on imports, which the South needed, having so little industry. Later, South Carolina became the first state to secede, following Lincoln's election on a ticket of no new slave-states.
Can sasol save South Africa's problem?
Many South African hope so, in order for South Africa to this it requires more investment.
Is it true that During the mid-1800s the South was a land-based economy?
Yes, mostly cotton plantations. As the planters grew rich in the cotton boom, they began to fantasise that they were feudal aristocrats, and they discouraged their sons from going into industry. So the South had very little industry when the Civil War started, and this put them at a disadvantage.
The north wanted to protect its industry?
Yes - with tariffs on imports. It was the South that mostly needed the imports, having no industry of its own. So it felt like the North taxing the South.
What was the south industry during the civil war?
It had very little at the beginning, so it had to improvise. Against all its disadvantages (such as the blockade), the South displayed great ingenuity in setting up an industrial infrastructure. For example, it built the first submarine ever to sink a warship.
Why is Africa so rich?
a large diamond industry is what keeps South Africa afloat
Why did the south have to keep their ports open during the civil war?
The South didn't have much industry, it was mainly a farming area. Their main export was cotton, I believe another top export was tobacco. The South didn't farm very much food, and with little industry they didn't have basic supplies like shoes. So the South needed to keep their ports open so they could receive food, shoes, and other important supplies. As a side note: The North did a pretty good job of blocking off Southern ports so the South experienced much hardship during the war.
What did the north and south want in terms of foreign trade control by congress?
The North wanted tariffs on imports, to protect its manufacturing industry. The South had virtually no manufacturing industry, so it wanted cheap imports.
Why was the preservation of slavery so important to many people living in the south?
It was the mainstay of the cotton industry.
Why didnt the south develop industry before the civil war?
Southerners were plantation farmers, so they didn't invest in the industry. Instead, they invested in slaves.
What do you think was the goal of U.S tariffs?
To protect manufacturing industry from cheap foreign imports. Industry was mostly in the North. The South wanted cheap imports. So the tariffs looked like the North taxing the South.
