Capital Destruction and Economic Growth: The Effects of Sherman’s March, 1850–1920
利用美国内战期间谢尔曼将军进军南方三州的历史事件，研究资本破坏对当地中长期经济活动的影响，发现农业投资和制造业持续萎缩，而金融市场的欠发达阻碍了经济复苏。
Using General Sherman’s March through Georgia, South Carolina, and North Carolina during the Civil War, we study the effect of capital destruction on medium- and long-run local economic activity, and the role of financial markets in recovery. We show that the march’s capital destruction led to a large contraction in agricultural investment, farming asset prices, and manufacturing activity compared to neighboring counties. Elements of the decline in agriculture persisted through 1920. Exploiting variation in local access to antebellum credit, we argue that the underdevelopment of financial markets played a role in weakening the recovery.