The Union was far more industrialized than the South. The North possessed 80% of total U.S. industry. In addition, most Confederate industry was located in the Upper South- particularly in Virginia. The Confederacy lost a great deal of potential industry and manpower when West Virginia, Kentucky, Delaware, and Maryland joined the Union instead of the Confederacy. The loss of these states to the Union was as much a testament to shrewd northern politics (Maryland) as it was to opposition within the states (West Virginia). Confederate industry, especially with the loss of these states, was unable to compete with the Union.
In addition to the South's lack of industry, most capital was invested in slaves and land-both of these are non-liquid. The South's lack of a large supply of liquid capital made it difficult for Southerners to buy munitions for the war effort. As a result of the South's lack of liquid capital the North enjoyed a decided advantage.
The South also lacked the factories, and other facilities (ironworks etc.) to create cannons, rifles as well as other weapons. At the beginning of the war, the Confederacy only had one ironworks-located in Richmond. This was in stark comparison to the northern industrial juggernaut. The North had begun to industrialize in... [continues]
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