All the following were true of the American economy under Cotton Kingdom except

Question

Quizplus · Accepted Answer

The statement "the South reaped all the profits from the cotton trade" is not true. Although the South was the dominant producer of cotton, the profits were spread among a variety of economic actors, including northern and European textile manufacturers, shippers, and bankers. Additionally, many southern planters borrowed heavily to finance their cotton operations, which meant that some of the profits went to creditors outside the South.

All the Following Were True of the American Economy Under