The nullification of slave wealth after the US Civil War (1861–1865) was one of the largest episodes of wealth compression in history. We document that White Southern households that owned more slaves in 1860 lost substantially more wealth by 1870, relative to Southern households that had been equally wealthy before the war. Yet, their sons almost entirely recovered from this wealth shock by 1900, and their grandsons completely converged by 1940. Marriage networks and connections to other elite families may have aided in recovery, whereas transmission of entrepreneurship and skills appear less central. (JEL D31, G51, J15, J24, N31, N32)

中文翻译：

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大规模财富冲击的代际影响：内战后的南方白人

美国内战（1861-1865）后奴隶财富的废除是历史上最大的财富压缩事件之一。我们记录了 1860 年拥有更多奴隶的南方白人家庭到 1870 年损失的财富要多于战前同样富裕的南方家庭。然而，到 1900 年，他们的儿子几乎完全从这场财富冲击中恢复过来，到 1940 年，他们的孙子完全融合。婚姻网络和与其他精英家庭的联系可能有助于恢复，而企业家精神和技能的传播似乎不那么重要。(JEL D31、G51、J15、J24、N31、N32)