At the start of the U.S. Civil War in the 1860s, the North had advantages in population, industrial capacity, and capital markets that supported a long-term strategy for defeating the South.

“That all happened in the north.”

“So when the rupture came in the 1860s and the north and south went to war,”

“all those advantages were with the north, not just population, but the industrial base,”

“the capital markets necessary for it to put in place a winning long-term strategy for actually defeating the south in that conflict.”