By John Majewski
Professor Majewski compares Virginia and Pennsylvania to give an explanation for how slavery undermined the advance of the southern economic climate. initially of the 19th century, citizens in each one kingdom financed transportation advancements to elevate land values and spur advertisement development. even though, through the 1830s, Philadelphia capitalists all started financing Pennsylvania's railroad community, development built-in platforms that reached the Midwest. Virginia's railroads remained a suite of strains with out western connections. the shortcoming of a massive urban that can supply capital and site visitors for large-scale railroads was once the weak point of Virginia's slave financial system.
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Additional resources for A House Dividing: Economic Development in Pennsylvania and Virginia Before the Civil War (Studies in Economic History and Policy)
D. ), pp. 140-46; Albemarle County Real Property Lists, 1820, microfilm, VSLA. 51 Developmental Corporations in a Slave-Labor Society 27 Geography and improvements also allowed Scottsville to triumph over Warren, but the competition was more protracted. Wilson Carey Nicholas, a prominent planter of distinguished lineage and even more distinguished political connections, founded Warren near his plantation in 1790. Nicholas used his political muscle to keep Scottsville from receiving legislative permission to build a tobacco inspection station or to establish a formal town government, thus giving Warren a decided advantage.
5 If one substitutes "local community" for "state," de Tocqueville's observation accurately describes the attitudes that made it possible to fund developmental corporations. " Without improved transportation, Albemarle's planters and farmers realized competition from newlysettled areas would lower land values and limit economic opportunity. Families would be forced to move to the frontier and sunder the ties of kinship and reciprocity. A prosperous and thriving local economy, on the other hand, would allow sons to farm, trade, or manufacture close to home.
As documented in Chapter 3, Philadelphia financiers such as Nicholas Biddle provided much of the capital for the Cumberland Valley Railroad (CVRR) in the late 1830s. Statewide data suggest that the CVRR typified a wider trend in which Philadelphia capitalists financed most of Pennsylvania's railroad network. Virginians, however, remained firmly wedded to local investment. Almost all of the 500 investors in Albemarle's primary railroad, the Virginia Central, lived within five miles of the road. The investors represented a diverse array of occupations and social classes, including wealthy planters, substantial yeomen, shopkeepers, merchants, and professionals.
A House Dividing: Economic Development in Pennsylvania and Virginia Before the Civil War (Studies in Economic History and Policy) by John Majewski