18.07.2021 | History

1 edition of Slaverys Capitalism found in the catalog.

Slaverys Capitalism

A New History of American Economic Development

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Published by Administrator in University of Pennsylvania Press

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      • Source title: Slaverys Capitalism: A New History of American Economic Development (Early American Studies)

        StatementUniversity of Pennsylvania Press
        PublishersUniversity of Pennsylvania Press
        Classifications
        LC ClassificationsFeb 06, 2018
        The Physical Object
        Paginationxvi, 77 p. :
        Number of Pages63
        ID Numbers
        ISBN 100812224175
        Series
        1nodata
        2
        3

        nodata File Size: 7MB.


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The Incompatibility of Slavery and Capitalism

Slavery, essentially, cannot be associated with capitalism because capitalism has many traits which obstruct the laws of slavery and vice versa. Like any other entrepreneurial business, it comes down to the personal abilities of the entrepreneur, plus capital, which would determine the profitability of the slave business model.

Some may point out that the decrease of the slave rate was due to the increase of population, which to a certain extent is true. However, one must ask, where and why did slavery become so Slaverys Capitalism, especially in the South?

However, how did slaves come into existence in the first place? While most rate of returns for farmers yielded about 5. This is due to its long term unprofitability. This resulted in farmers hoping that productivity by slaves would increase, and that the soil itself would retain its value. To further rebut the myth of capitalism and slavery being complementary, slavery may have Slaverys Capitalism it difficult to establish realistic trade routes, according to Ralph Anderson and Robert Gallon.

Slavery itself, like any other business model, could be profitable, Slaverys Capitalism it could operate on a loss. Raising slaves, of course, was expensive, and hence why throughout the time period of slavery, slavery and its practices declined due to the decline of revenues produced by slavery and the increase of costs i.

This leads to efficiency reductions, and a lack of labor diversity, which altogether cannot advance technological output, wages, and the general wellbeing of the labor force of the slave economy, hence why capitalist societies reduce the amount of slave use over the long term. We saw this quantified in the example of how slave rates in the United States declined while the economy grew from both quantitative and qualitative evidence, thus meaning slavery cannot be equated with capitalism or vice versa.

In fact, capitalism itself has essentially suppressed the use of slavery even before the Civil War began, which thankfully ended the use of slavery altogether. Due to this, these kings along the coasts would not produce profits as described by Tucker.

This, in effect, forced farmers to diversify their economic activities in order to match the fixed costs associated with slavery itself. This, in turn, requires the owner to spend more in order to keep the slave alive, and can only make a realistic profit if the amount paid is less than the wages in free market labor, which can cover the costs of his original investment.

The next point which I would like to present Slaverys Capitalism that the ban on the Atlantic slave trade in 1808 barely reduced the growth of the slave population or the addition of slaves per 1000.

Because the South had extreme views on limiting such towns and the development of big cities, this resulted in the South having limited ability to diversify its labor. Slavery does not accumulate capital other than investment returns, but no savings are acquiredwhich in turn cannot accumulate and introduce new productive techniques or technologies. As Tucker cites in his report, the amount paid for such slaves are fixed, and thus this makes slavery a capital investment, which means slavery — like any other investment — could be profitable or unprofitable.

The military expansion of these empires provided slave labor, not any kind of market mechanism. This, in turn, resulted in the rate of return for farmers decreasing over time, especially with the introduction of an additional slave every single time, showing that maintenance costs exceeded the benefits of such productions.