Insolvency and the War of 1812
Most studies of the economic impact of the War of 1812 focus on early economic growth including manufacturing, shipbuilding, and canal and road improvements, and later issues of economic decline including the failure of the First Bank, decline of-specie supply, and issuance of Treasury Notes. These macroeconomic studies target such things as the inadequacy of the banking system, depreciation, inflation, the depression beginning in 1815, the Panic of 1819, and subsequent recessions of the 1820s.