That's an excellent summary but I wanted to correct you on one point. Prior to the Civil War, the South wanted laissez-faire and free markets and international trade, while it was the North that was dominated by its big city banking elite that wanted protectionism. The north wanted to sell its manufactured goods to the south while preventing the superior and cheaper European goods from being sold in American markets. The South saw this as an outright money-grab by the northern states (and I believe it was) and was one of the main, if not the main, motivations for southern independence---to create free-markets. Invariably exporting economies favor international trade, while importing ones favor tariff barriers, mercantilism, and statism.