The South: The South believed in using the "Diplomacy plan & King Cotton" which was to use cotton (which was the South's main crop) to sway European nations into helping the South by providing resources & equipments for the south to win the war.
The North: The North believed in the Anaconda Plan, which was to cut off all relations between the South and the world, encircle the South and barricade so that no resources enter, and to slowly "squeeze" the South until their resources are drained, and then give the final blow.
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