We did.
It doesn’t work when you enemy controls both the industries and the seas.
And where is industry now?
Where are nuclear weapons actually built these days?
Where is the oil refined?
Where are the ports?
Where are the gun manufacturers moving? (Thank you Gov. Perry!)
Long term, the South is in a much stronger position than it was in the 1860's.
Had Robert E. Lee not crossed the Potomac, the South would probably have won.