THE VIRGINIA DYNASTY 1801 1825
EMBARGO OF 1807
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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It worked so good that our economy went down significantly.
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It worked so good that Britain never traded with us again.
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It worked so good that we never financially recovered from this.-Joe Exotic
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None of the above
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Detailed explanation-1: -The embargo proved to be a complete failure. It failed to improve the American diplomatic position, highlighted American weakness and lack of leverage, significantly (and only) damaged the American economy, and sharply increased domestic political tensions.
Detailed explanation-2: -The embargo was an unpopular and costly failure. It hurt the American economy far more than the British or French, and resulted in widespread smuggling. Exports fell from $108 million in 1807 to just $22 million in 1808. Farm prices fell sharply.
Detailed explanation-3: -The Embargo Act of 1807 stated that American ships could not carry cargo to foreign ports and that foreign ships could not load cargo in American ports. This political cartoon published during the embargo criticizes the act. “Ograbme” is “embargo” spelled backward.
Detailed explanation-4: -Economically, the embargo devastated American shipping exports and cost the American economy about 8 percent in decreased gross national product in 1807. With the embargo in place, American exports declined by 75%, and imports declined by 50%-the act did not completely eliminate trade and domestic partners.