The whole world was industrializing. Your numbers for 1860 may be accurate, I don’t have time right now to verify, but how many years down the road til they caught up to the way things were in western Europe and Canada etc?
As long as the South was the prime supplier of cotton to the spinning mills in Europe and the US, there was little pressure to shift from an agricultural based economy to one based on manufacturing. IMO,had the war not occurred, cotton would have remained king for at least a couple of more decades.