Confederate States of America

The Confederacy was a herrenvolk breakaway republic in the Southern United States that existed from 1861 to 1865. It was made up of states that declared secession and fought against the United States during the Civil War. 

The Southern economy was heavily reliant on the agriculture of cash crops, with the plantations of the South producing substantial wealth from cotton, tobacco, sugar, and naval stores. Most whites were subsistence farmers who traded their surpluses locally, while shipping was controlled by non-southerners.

The pre-capitalist Southern economy encompassed paternalism in labor management, and slaves were put to work in the largest revenue-producing enterprises, not free labor markets. Despite Southern cities and industries growing faster than ever before, the South lagged behind in transportation systems and urban industrial development.

The Confederate States dollar, also known as "Greyback," was first introduced in April 1861, just two months after the Confederacy was formed and before the Civil War began. The currency had no hard asset backing but was a promise to pay after the war on the prospect of Southern victory. Initially, it was widely accepted and held high purchasing power. However, the amount of paper money in circulation increased as the war progressed and the dates of redemption were pushed further into the future. As the war turned against the Confederacy, the currency inflated, losing value.

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