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...ement. Northern financing tended to dominate the southern economy, even more so than during the war. The Northern investors controlled over seventy-five percent of the railroads in the South and by 1900 had full control over the South’s steel industry. Many of the profits made by these companies went into the northern economy so that area was well off while the South was left with no economic stability. One of the main reasons for the poverty in the South was caused by a poorly educated workforce due to the South failing to invest in technological and engineering schools. The labor force in the South were paid extremely low wages for blacks and whites and even lower wages for children which hurt the circulation of money in the southern markets which continued to devastate the economy. The New South never fulfilled the dream that was set in place for the economy.
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- Reconstruction was the period that followed the American Civil War in which attempts were made to amend the wrongs of slavery and the political, economical and social problems that were caused. When Andrew Johnson became president in 1865, he began the period of Presidential Reconstruction. He offered a pardon to all southerners, except wealthy planters and Confederate leaders by giving them full political rights and returning their property (Gilmore). He required the new state governments to abolish slavery, abandon secession and revoke the Confederate debt but other than that they were allowed to freely manage their affairs (Bartley).... [tags: Southern United States, American Civil War]
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