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The intergenerational effects of a large wealth shock : white Southerners after the Civil War

Author: Philipp Ager; Leah Platt Boustan; Katherine Eriksson; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2019.
Series: Working paper series (National Bureau of Economic Research), no. 25700.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The nullification of slave-based wealth after the US Civil War (1861-65) was one of the largest episodes of wealth compression in history. We document that white southern households with more slave assets lost substantially more wealth by 1870 relative to households with otherwise similar pre-War wealth levels. Yet, the sons of these slaveholders recovered in income and wealth proxies by 1880, in part by shifting  Read more...
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Genre/Form: History
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Philipp Ager; Leah Platt Boustan; Katherine Eriksson; National Bureau of Economic Research,
OCLC Number: 1096191496
Notes: "March 2019"
Description: 1 online resource (27 pages, 36 unnumbered pages) : illustrations, maps.
Series Title: Working paper series (National Bureau of Economic Research), no. 25700.
Responsibility: Philipp Ager, Leah Platt Boustan, Katherine Eriksson.

Abstract:

The nullification of slave-based wealth after the US Civil War (1861-65) was one of the largest episodes of wealth compression in history. We document that white southern households with more slave assets lost substantially more wealth by 1870 relative to households with otherwise similar pre-War wealth levels. Yet, the sons of these slaveholders recovered in income and wealth proxies by 1880, in part by shifting into white collar positions and marrying into higher status families. Their pattern of recovery is most consistent with the importance of social networks in facilitating employment opportunities and access to credit.

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