Chronicles Magazine October 2006

It's Hard Times, Cotton Mill Girls

Historians tend to make the same argument: The South lost the Civil War because its economy was agrarian rather than industrial, with too few munitions factories to supply Confederate troops with weapons and too few textile mills to clothe them.

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    How Neutral Is the Fed?

    The Federal Reserve Act, passed at the close of 1913, created the current U.S. central bank in order to “establish a more effective supervision of banking in the United States.” However, in response to monetary-policy errors committed by the...

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