Pub Date : 2021-02-28DOI: 10.3828/liverpool/9781789622492.003.0002
J. Powell
This chapter presents a picture of the British cotton trade on the eve of the American Civil War, describing both the pre-eminence of that trade and how it had been attained over the previous century and a half. The relative merits of three major recent studies of the history of cotton, notably Sven Beckert’s Empire of Cotton, are discussed. This is followed by a consideration of how the issue of slavery, and the threat to its survival, influenced the British trade before the war. There is a detailed description of how the Liverpool brokerage system controlled the trade in raw cotton and how it was intended to operate.
{"title":"Feast and Famine","authors":"J. Powell","doi":"10.3828/liverpool/9781789622492.003.0002","DOIUrl":"https://doi.org/10.3828/liverpool/9781789622492.003.0002","url":null,"abstract":"This chapter presents a picture of the British cotton trade on the eve of the American Civil War, describing both the pre-eminence of that trade and how it had been attained over the previous century and a half. The relative merits of three major recent studies of the history of cotton, notably Sven Beckert’s Empire of Cotton, are discussed. This is followed by a consideration of how the issue of slavery, and the threat to its survival, influenced the British trade before the war. There is a detailed description of how the Liverpool brokerage system controlled the trade in raw cotton and how it was intended to operate.","PeriodicalId":136637,"journal":{"name":"Losing the Thread","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132923987","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter describes how the raw cotton trade was financed, before showing that – despite a drastically reduced volume – the vast rise in price meant that the value of raw cotton imports was greater than at any time in the 19th century and, in terms of the cotton traded, possibly the greatest ever. The implications for the earnings of the cotton brokers are demonstrated, together with the fury in Manchester that Liverpool was enriching itself while the rest of the industry starved. Two elements of Thomas Ellison’s etiquette are considered: that cotton brokers were not simultaneously buying and selling brokers, and that they did not trade cotton on their own account. Evidence is produced to suggest that both contentions are false. The chapter shows how cotton speculation infested the market during the war, but also how the spinners were implicated in it themselves. It concludes with the conflict that erupted towards the end of the war between the Liverpool Cotton Brokers’ Association and the Cotton Spinners’ Association, led by Hugh Mason.
{"title":"A Toll Booth on the Mersey","authors":"J. Powell","doi":"10.2307/j.ctv1hqdjg9.13","DOIUrl":"https://doi.org/10.2307/j.ctv1hqdjg9.13","url":null,"abstract":"This chapter describes how the raw cotton trade was financed, before showing that – despite a drastically reduced volume – the vast rise in price meant that the value of raw cotton imports was greater than at any time in the 19th century and, in terms of the cotton traded, possibly the greatest ever. The implications for the earnings of the cotton brokers are demonstrated, together with the fury in Manchester that Liverpool was enriching itself while the rest of the industry starved. Two elements of Thomas Ellison’s etiquette are considered: that cotton brokers were not simultaneously buying and selling brokers, and that they did not trade cotton on their own account. Evidence is produced to suggest that both contentions are false. The chapter shows how cotton speculation infested the market during the war, but also how the spinners were implicated in it themselves. It concludes with the conflict that erupted towards the end of the war between the Liverpool Cotton Brokers’ Association and the Cotton Spinners’ Association, led by Hugh Mason.","PeriodicalId":136637,"journal":{"name":"Losing the Thread","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128965640","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter elaborates on the anecdotal evidence of the previous chapter. It includes a study of members of the Liverpool Cotton Brokers’ Association and how they operated. The most powerful factions in Britain’s raw cotton trade were the selling brokers and the bankers. This is corroborated by a study of the B Lists of the customs Bills of Entry for Liverpool, which provide a complete inventory of who received every consignment into the port. All cotton consignments for 1860 and 1864 have been tabulated. Data are produced which show the changes wrought by the civil war to cotton shipments, and which prove that 91 per cent of LCBA members were direct recipients of cotton from Liverpool docks. This is the final blow to the notion that there was a scrupulous dividing line between buying and selling brokers. Almost all cotton brokers were traders, but not necessarily successful ones. The chapter concludes with an account of some of the bankruptcies and suggests that Thomas Ellison knowingly falsified the historical record.
{"title":"The Brokers and the Broken","authors":"J. Powell","doi":"10.2307/j.ctv1hqdjg9.14","DOIUrl":"https://doi.org/10.2307/j.ctv1hqdjg9.14","url":null,"abstract":"This chapter elaborates on the anecdotal evidence of the previous chapter. It includes a study of members of the Liverpool Cotton Brokers’ Association and how they operated. The most powerful factions in Britain’s raw cotton trade were the selling brokers and the bankers. This is corroborated by a study of the B Lists of the customs Bills of Entry for Liverpool, which provide a complete inventory of who received every consignment into the port. All cotton consignments for 1860 and 1864 have been tabulated. Data are produced which show the changes wrought by the civil war to cotton shipments, and which prove that 91 per cent of LCBA members were direct recipients of cotton from Liverpool docks. This is the final blow to the notion that there was a scrupulous dividing line between buying and selling brokers. Almost all cotton brokers were traders, but not necessarily successful ones. The chapter concludes with an account of some of the bankruptcies and suggests that Thomas Ellison knowingly falsified the historical record.","PeriodicalId":136637,"journal":{"name":"Losing the Thread","volume":"69 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122818292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Index","authors":"","doi":"10.2307/j.ctv1hqdjg9.19","DOIUrl":"https://doi.org/10.2307/j.ctv1hqdjg9.19","url":null,"abstract":"","PeriodicalId":136637,"journal":{"name":"Losing the Thread","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125207180","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
4 R H. C. Rawlinson, The Cuneiform Inscriptions of Western Asia. Vol 4. London: Trustees of the British Museum, 1875. A. Tablet signature of texts from Mari AAA Annals of Archaeology and Anthropology AASF Annales Academiae scientiarum fennicae AB Anchor Bible AbB F. R. Kraus, ed., Altbabylonische Briefe in Umschrift und Übersetzung (Leiden: Brill, 1964) ABD D. N. Freedman, ed., The Anchor Bible Dictionary (6 vols., New York: Doubleday, 1992) ABL R. F. Harper, Assyrian and Babylonian Letters (Chicago: University of Chicago Press, 1892–1914). AD A. J. Sachs and H. Hunger, Astronomical Diaries and Related Texts from Babylonia. Vols 1–3 (Vienna: Verlag der Österreichischen Akademie der Wissenschaften, 1988–96) ADPV Abhandlungen des Deutschen Palastina-Vereins AfO Archiv für Orientforschung AfO.B Archiv für Orientforschung, Beiheft AHw W. von Soden, Akkadisches Handwörterbuch (3 vols., Wiesbaden: Harrassowitz) AJS Review Association for Jewish Studies Review AJSL American Journal of Semitic Languages and Literatures ALASP Abhandlungen zur Literatur Alt-Syren-Palästinas und Mesopotamiens AMT R. C. Thompson, Assyrian Medical Texts (Oxford: Clarendon Press, 1923) AnBib Analecta Biblica ANEM Ancient Near East Monographs/Monografías sobre el Antiguo Cercano Oriente ANES Ancient Near Eastern Studies ANET James B. Pritchard, ed. Ancient Near Eastern Texts Relating to the Old Testament. (3rd ed., Princeton: Princeton University Press, 1969) AO Tablets in the collections of Musée du Louvre AOAT Alter Orient und Altes Testament AoF Altorientalische Forschungen AOS American Oriental Series ARM Archives royales de Mari ARRIM Annual Review of the Royal Inscriptions of Mesopotamia Project, Toronto AS Assyriological Studies ASJ Acta Sumerologica (Japan) ATD Das Alte Testament Deutsch ATD.A Das Alte Testament Deutsch: Apokryphen AThANT Abhandlungen zur Theologie des Alten und Neuen Testaments AzTh Arbeiten zur Theologie BaF Baghdader Forschungen
4 . C.罗林森，《西方亚洲纪实》第4 .卷伦敦1875年大英博物馆真相大白A.文献都是来自马里写的《考古学和人类学名词》，图恩图伦，埃德。纽约:杜布利日，1992)亚述和巴比伦利特(芝加哥大学，1892年)《天文学日记》和《巴比伦文献》Vols 1—3((维娜娜:奥地利科学学院运营大会，1988—96)德国议会avery协会AfO东方科学研究档案(AfO)事宜。B《亚瑟王百科全书》(第3卷)。蒂姆·亚述人:《评论美国犹太语学会评论》Clarendon出版社,1923)AnBib Analecta Biblica近东ANEM (Monographs / Monografías sobre el Antiguo Cercano Oriente ANES遗迹近东部,学习研究ANET詹姆斯b颁令ed .《Relating to the老遗嘱.莱森(ed .,普林斯顿:普林斯顿大学出版社,1969)亚当奥克福德平板电脑在collections》跳到ée你卢浮宫AOAT年龄东方和旧约AoF战祸研究好美国东方系列手臂Archives皇室de玛莉ARRIM Annual Review of the Royal Inscriptions of Mesopotamia Project),多伦多AS Assyriological学习研究ASJ。Sumerologica(日本)德语ATD旧约ATD .A旧约德语:新约新约阿滋特新约的神学研究，致力于BaF Baghdader神学研究
{"title":"List of Abbreviations","authors":"","doi":"10.2307/j.ctv1hqdjg9.6","DOIUrl":"https://doi.org/10.2307/j.ctv1hqdjg9.6","url":null,"abstract":"4 R H. C. Rawlinson, The Cuneiform Inscriptions of Western Asia. Vol 4. London: Trustees of the British Museum, 1875. A. Tablet signature of texts from Mari AAA Annals of Archaeology and Anthropology AASF Annales Academiae scientiarum fennicae AB Anchor Bible AbB F. R. Kraus, ed., Altbabylonische Briefe in Umschrift und Übersetzung (Leiden: Brill, 1964) ABD D. N. Freedman, ed., The Anchor Bible Dictionary (6 vols., New York: Doubleday, 1992) ABL R. F. Harper, Assyrian and Babylonian Letters (Chicago: University of Chicago Press, 1892–1914). AD A. J. Sachs and H. Hunger, Astronomical Diaries and Related Texts from Babylonia. Vols 1–3 (Vienna: Verlag der Österreichischen Akademie der Wissenschaften, 1988–96) ADPV Abhandlungen des Deutschen Palastina-Vereins AfO Archiv für Orientforschung AfO.B Archiv für Orientforschung, Beiheft AHw W. von Soden, Akkadisches Handwörterbuch (3 vols., Wiesbaden: Harrassowitz) AJS Review Association for Jewish Studies Review AJSL American Journal of Semitic Languages and Literatures ALASP Abhandlungen zur Literatur Alt-Syren-Palästinas und Mesopotamiens AMT R. C. Thompson, Assyrian Medical Texts (Oxford: Clarendon Press, 1923) AnBib Analecta Biblica ANEM Ancient Near East Monographs/Monografías sobre el Antiguo Cercano Oriente ANES Ancient Near Eastern Studies ANET James B. Pritchard, ed. Ancient Near Eastern Texts Relating to the Old Testament. (3rd ed., Princeton: Princeton University Press, 1969) AO Tablets in the collections of Musée du Louvre AOAT Alter Orient und Altes Testament AoF Altorientalische Forschungen AOS American Oriental Series ARM Archives royales de Mari ARRIM Annual Review of the Royal Inscriptions of Mesopotamia Project, Toronto AS Assyriological Studies ASJ Acta Sumerologica (Japan) ATD Das Alte Testament Deutsch ATD.A Das Alte Testament Deutsch: Apokryphen AThANT Abhandlungen zur Theologie des Alten und Neuen Testaments AzTh Arbeiten zur Theologie BaF Baghdader Forschungen","PeriodicalId":136637,"journal":{"name":"Losing the Thread","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117333373","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"List of Illustrations","authors":"","doi":"10.2307/j.ctv1hqdjg9.3","DOIUrl":"https://doi.org/10.2307/j.ctv1hqdjg9.3","url":null,"abstract":"","PeriodicalId":136637,"journal":{"name":"Losing the Thread","volume":"13 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120985294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter considers the other myth of the war years: that Liverpool was overwhelmingly Confederate in its sympathies. Much contrarian evidence emerges: the port of Liverpool prospered during the war; its trade was always more dependent on the Northern States of America than on the Southern; the depredations of the CSS Florida and the CSS Alabama, warships built on Merseyside for the Confederacy, far from being a source of pride for Liverpool merchants, were for most a threat and an embarrassment. A noisy and partisan support for the Confederacy certainly existed in the port, but perceptions have been clouded by the romance of blockade-running – which accounted for less than 1 per cent of Liverpool’s wartime trade – and by the furore over the building of Confederate warships. The chapter shows that Laird Brothers, who built the Alabama and the notorious Laird rams, were approached to build warships for the Union and agreed to do so. The conclusion is that, while the opposite view cannot be maintained either, the idea that Liverpool was overwhelmingly pro-Confederate is unsustainable.
{"title":"Liverpool, Louisiana?","authors":"J. Powell","doi":"10.2307/j.ctv1hqdjg9.12","DOIUrl":"https://doi.org/10.2307/j.ctv1hqdjg9.12","url":null,"abstract":"This chapter considers the other myth of the war years: that Liverpool was overwhelmingly Confederate in its sympathies. Much contrarian evidence emerges: the port of Liverpool prospered during the war; its trade was always more dependent on the Northern States of America than on the Southern; the depredations of the CSS Florida and the CSS Alabama, warships built on Merseyside for the Confederacy, far from being a source of pride for Liverpool merchants, were for most a threat and an embarrassment. A noisy and partisan support for the Confederacy certainly existed in the port, but perceptions have been clouded by the romance of blockade-running – which accounted for less than 1 per cent of Liverpool’s wartime trade – and by the furore over the building of Confederate warships. The chapter shows that Laird Brothers, who built the Alabama and the notorious Laird rams, were approached to build warships for the Union and agreed to do so. The conclusion is that, while the opposite view cannot be maintained either, the idea that Liverpool was overwhelmingly pro-Confederate is unsustainable.","PeriodicalId":136637,"journal":{"name":"Losing the Thread","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126385339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter examines what was done to reduce the dependence on American cotton before the war, and to replace the supply lost during the war. The conclusion is that both these tasks were impossible. British reliance on American cotton reflected the fact that – although cotton could be grown in many parts of the world – only in America did all the elements come together that made it both commercially viable and available to Britain in high volume. Despite increased supplies of Indian cotton during the war, other sources did not and could not replace the volume lost from America, and the augmented supply was entirely the result of an inflated price. The belief that Indian cotton could replace American was the brainchild equally of naivety and desperation. The chapter describes the agonised response of cotton spinners to the war as they attempted to reconcile their devotion to free trade with their demands for government intervention.
{"title":"The Saturday Afternoon Syndrome","authors":"J. Powell","doi":"10.2307/j.ctv1hqdjg9.9","DOIUrl":"https://doi.org/10.2307/j.ctv1hqdjg9.9","url":null,"abstract":"This chapter examines what was done to reduce the dependence on American cotton before the war, and to replace the supply lost during the war. The conclusion is that both these tasks were impossible. British reliance on American cotton reflected the fact that – although cotton could be grown in many parts of the world – only in America did all the elements come together that made it both commercially viable and available to Britain in high volume. Despite increased supplies of Indian cotton during the war, other sources did not and could not replace the volume lost from America, and the augmented supply was entirely the result of an inflated price. The belief that Indian cotton could replace American was the brainchild equally of naivety and desperation. The chapter describes the agonised response of cotton spinners to the war as they attempted to reconcile their devotion to free trade with their demands for government intervention.","PeriodicalId":136637,"journal":{"name":"Losing the Thread","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126024065","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter investigates Britain’s cotton supply and usage during the war. It examines all the issues that have been misinterpreted or ignored: cotton imports, bale weights, cotton re-exports, wastage in spinning, raw cotton stocks, stocks of cotton goods, exports of cotton goods and investment in new mills. There was nothing abnormal about the cotton market in 1859–61. Without the war, there would have been no allegation of pre-war over-production, no assertion of the glutting of overseas markets. The chapter offers an alternative explanation of why short-term working, which led to the Lancashire cotton famine, began in October 1862 when there was not yet a scarcity of cotton. The international cotton trade needed a large pipeline of stock. The outbreak of war, followed by the Confederate embargo and the Union blockade, paralysed the world market and caused an abrupt fall in demand. The conclusion is that, for the three main years of the war, British yarn production was at 36 per cent of the market requirement, and that about 4.5 billion lb of raw cotton was denied to Britain in the seven years to the end of 1867.
{"title":"Unfathomed Depths; Uncharted Mountains","authors":"J. Powell","doi":"10.2307/j.ctv1hqdjg9.11","DOIUrl":"https://doi.org/10.2307/j.ctv1hqdjg9.11","url":null,"abstract":"This chapter investigates Britain’s cotton supply and usage during the war. It examines all the issues that have been misinterpreted or ignored: cotton imports, bale weights, cotton re-exports, wastage in spinning, raw cotton stocks, stocks of cotton goods, exports of cotton goods and investment in new mills. There was nothing abnormal about the cotton market in 1859–61. Without the war, there would have been no allegation of pre-war over-production, no assertion of the glutting of overseas markets. The chapter offers an alternative explanation of why short-term working, which led to the Lancashire cotton famine, began in October 1862 when there was not yet a scarcity of cotton. The international cotton trade needed a large pipeline of stock. The outbreak of war, followed by the Confederate embargo and the Union blockade, paralysed the world market and caused an abrupt fall in demand. The conclusion is that, for the three main years of the war, British yarn production was at 36 per cent of the market requirement, and that about 4.5 billion lb of raw cotton was denied to Britain in the seven years to the end of 1867.","PeriodicalId":136637,"journal":{"name":"Losing the Thread","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128531016","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter considers the aftermath of the war, in Liverpool and in the American South during Reconstruction. In Liverpool, a combination of speculation, financial crises, the transatlantic telegraph and futures trading created a cauldron of disruption. The immediate question was whether American cotton could be produced in the pre-war quantity at the pre-war price. The reality was that, after the evils of slavery and the sacrifices of the war, little got better afterwards for anyone who produced cotton in America. The American South proved unable to organise itself collectively, to diversify its industry, or to escape the stifling control of the credit merchants, and the result was endemic poverty. There was no demonstrable failure of free labour, but there was a catastrophic failure of the free market. The conclusion of the book is that the civil war years were a time of unmitigated catastrophe for most of Britain’s cotton trade, and ultimately for America’s cotton producers. 1861 marked the end of the largely Anglo-centric era in which British cotton goods, using a raw material produced by American slaves, dominated the world market.
{"title":"When Johnny Went Marching Home","authors":"J. Powell","doi":"10.2307/j.ctv1hqdjg9.15","DOIUrl":"https://doi.org/10.2307/j.ctv1hqdjg9.15","url":null,"abstract":"This chapter considers the aftermath of the war, in Liverpool and in the American South during Reconstruction. In Liverpool, a combination of speculation, financial crises, the transatlantic telegraph and futures trading created a cauldron of disruption. The immediate question was whether American cotton could be produced in the pre-war quantity at the pre-war price. The reality was that, after the evils of slavery and the sacrifices of the war, little got better afterwards for anyone who produced cotton in America. The American South proved unable to organise itself collectively, to diversify its industry, or to escape the stifling control of the credit merchants, and the result was endemic poverty. There was no demonstrable failure of free labour, but there was a catastrophic failure of the free market. The conclusion of the book is that the civil war years were a time of unmitigated catastrophe for most of Britain’s cotton trade, and ultimately for America’s cotton producers. 1861 marked the end of the largely Anglo-centric era in which British cotton goods, using a raw material produced by American slaves, dominated the world market.","PeriodicalId":136637,"journal":{"name":"Losing the Thread","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122572386","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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