Through the Blockade: The Profitability and Extent of Cotton Smuggling, 1861–1865

Although cotton smuggling through the North's blockade of the South during the American Civil War has often been viewed as a highly profitable activity, only a small percentage of blockade-running ships made more than one run. New figures for capture rates reconcile these observations by showing that the risks of blockade running were substantial. Estimates are also provided for the amount of cotton smuggled through the blockade and of its disposition between the North and Europe.