资本破坏与经济增长：谢尔曼进军的影响，1850–1920

中文摘要

利用内战期间谢尔曼将军穿越佐治亚州、南卡罗来纳州和北卡罗来纳州的进军，我们研究了资本破坏对中长期地方经济活动的影响，以及金融市场在经济复苏中的作用。我们表明，与邻近县相比，进军的资本破坏导致农业投资、农业资产价格和制造业活动大幅收缩。农业衰退的某些要素持续至1920年。利用地方战前信贷可得性的差异，我们论证了金融市场的不发达在削弱复苏中发挥了作用。

Abstract

Using General Sherman’s March through Georgia, South Carolina, and North Carolina during the Civil War, we study the effect of capital destruction on medium- and long-run local economic activity, and the role of financial markets in recovery. We show that the march’s capital destruction led to a large contraction in agricultural investment, farming asset prices, and manufacturing activity compared to neighboring counties. Elements of the decline in agriculture persisted through 1920. Exploiting variation in local access to antebellum credit, we argue that the underdevelopment of financial markets played a role in weakening the recovery. (JEL N21, N51, N52, N61, N91, N92, Q10)