Something that's come up before in TLs where the Confderacy getsindependence is that British investment in America decreases, with the effect being a noticeably smaller American economy. How severe was this? I'm looking through a history of America's industrialization, The Political Economy of American Industrialization, and the author makes an interesting point. "European investment in the US in 1899 has been estimated at over $3 billion. While this was a large sum in absolute terms, foreign capital still played a secondary role in funding American industrialization; for example , even in the railroad sector, where European investment was three quarters of all capital investment was contributed by Americans. And, in fact, trans-Atlantic investment midway through the 1890s was transoformed into a two-way street as the US became, at the margin, a net creditor in the World Economy". I just thought this was an interesting factoid and worse tossing out; that while industrialization in the face of a (for some crazy reason) hostile Britain from 1865 may not be that dramatically different.