"What kept England and France from recognizing the South was the economic cost would not justify a good cotton price. The Union had the shipping and grain they needed and they could not jeopardize a war which would freeze their investments in the American market."
David,
I can agree with this for the most part. There was an economic consideration. England at this time was still dependent on the south for cotton but not as much as in the past. They were planting cotton in Egypt and other parts of Africa now even tho the production was not up to demand. Might have been slightly different for France. They were still more dependent on the south for thier cotton. That was part of the problem that the south had, they seemed to only have one product for export and that sorely put them on the spot when it came to income.
FC