The Profitability of Antebellum Manufacturing: Some New Estimates

Abstract

Will the lack of hard data forever preclude firm conclusions about the impact of industrialization upon antebellum America? Whether it does or not, it seems unlikely to prevent continuation of one of the liveliest debates in American economic history. Professors Vedder and Gallaway contribute their findings to the controversy, and conclude that the rate of profit on manufacturing capital before 1860 was much lower than recent work has suggested.