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Losses and compensation

In the United States, the economy grew 3.7% a year from 1812 to 1815, despite a large loss of business by East Coast shipping interests. Prices were 15% higher – inflated – in 1815 compared to 1812, an annual rate of 4.8%. Hundreds of new banks were opened; they largely handled the loans that financed the war since tax revenues were down. Money that would have been spent on foreign trade was diverted to opening new factories, which were profitable since British factory-made products were not for sale. This gave a major boost to the Industrial Revolution in the United States as typified by the Boston Associates.