Macroeconomics Of Slavery Essay

During this time, slaves held large economic value to slaveholders. For example, slaves usually increased the value of the farm in which they resided by either increasing production of crops or other goods or by increasing the social status of the owner. If an owner had more than

Slavery and indentured servitude was the backbone of the Virginia economy. Slaves were considered an investment in the planter’s business and a necessity for success. The treatment of slaves was much the same as owning a piece of property or equipment. Slaves were not viewed as fellow human beings, quite the opposite they were of lesser status. Slaves and indentured servants grew tired of their treatment and responded with acts of rebellion. One such act was for the slaves and servants to run away. Indentured servants and slaves both made the incredibly brave decision to risk fleeing and capture in the hope of finding a free and better life, as opposed to continue living in their oppressed conditions. Runaway slave advertisements became

The author also explores the profitability of slavery as an institution, as while the tendency of slave owners to keep their capital invested in slaves rather than industry resulted in a lack of economic diversification in the South, it also resulted in great profits during times of high demand for agricultural products. Phillips states that more research is required in this area.

The South, on the other hand, was highly dependent upon the institution of slavery. It was still primarily an agricultural society that needed as many laborers as possible in order for the plantation owners to make ends meet. According to historian Douglas Harper, “In 1793 came the cotton gin, which brought a 50-fold increase in the average daily output of short-staple cotton, promoted the rapid expansion of a ‘cotton kingdom’ across the Deep South, and made large-scale slavery profitable.” Because of this, the slave became an essential tool to the farmers of the south; more money became invested in slavery rather than in industrial improvements. Based upon the 1860 U.S. Census, there were almost a whopping total of four million slaves in the South alone. In fact, the more slaves an owner had, the more prestige. “Most slave owners owned fewer than five slaves, and only 12 percent of Southerners had twenty or more slaves. Many whites who had no slaves looked with envy upon the wealthy, and to a degree admired them.” This hierarchy had a clearly defined social structure which created distinctions between rich and poor whites as well as racial segregation. This agricultural society and its strict hierarchy only increased the social and racial disparities found in the southern region of the United States.

Southern economy was the center of plantation that cultivated cotton. Many the rich started to carve the plantation to earn money by exporting cotton. They needed a lot of labor and slavery was proper to use. The majority of white southerners did not own slaves because planters monopolized the best land. They could not help taking possession of the land that was not proper to cultivate cotton. Most of them earned a living by self-sufficiency even though the slave population was growing: from 697,624 in 1790 to 3,953,760 in 1860.

Was slavery an economic engine for the Southern economy before the Civil War? Men like Senator and businessman James Henry Hammond would say yes immediately without a second thought. People like Hammond believed that slavery in these times were critical to the growth of the southern economy. They made points such as that agricultural sales were a main percentage of business in the south and with the large area of fertile land that slave ownership was a necessary evil. Along with those, the decades preceding the civil war, the north began to industrialize, which in turn created a large demand for cotton, which was heavily supported by slavery. Not only was slavery a supporting crutch for the immense cotton market, but also slave trade proved to be a highly profitable market of his own. Finally, from the perspective of a plantation owner as a business enterprise, owning slaves proved to be most effective by implementing business strategies, much like Henry James Hammond’s. Without slavery, small planters would have been unable to make a steadfast profit, leaving the cotton industry to rely on large plantation owners who would mainly invest their fortune in British luxurious imports, instead of diversifying and reinvesting in schooling or infrastructure. I personally believe that James Henry Hammond and others were correct, with exception to my ethical beliefs, that slavery was a key factor in the growth and preservation of

“Planter not only held the majority of slaves, but they controlled the most fertile land, enjoyed the highest incomes, and dominated the state and local offices and the leadership of both political parties” (Foner 411). There were fewer than forty-thousand families that possessed about twenty or more slaves that qualified them as planters. There were also fewer than two-thousand families owned about a hundred slaves or more. The ownership of slaves provided the route to wealth, status, and influence. Slavery was the profit-making system, and slave-owners kept a close watch on world priced for their products to invested in enterprises such as railroads and canals.

Eugene D. Genovese’s book, The Political Economy of Slavery: Studies in the Economy and Society of the Slave South, challenges the accustomed belief which concluded the immorality of Slavery was the underlying main factor of conflict between the North and the South, partnered with materialistic interests. Instead, he presents the idea which observes the social system and civilization as a whole, identifying its distinct structure and their reasoning behind their disagreeing actions. Drawing upon information from four categories which highlight the main arguments, Genovese is able to convey that the power Slavery gave to holders, dissimilated the appeal of a North bourgeois and industrialist structure and Slavery itself overall, being ineffective

910). Furthermore, slave customers most likely did business with merchants with whom they were comfortable with, which of course advantaged firms with a higher amount of sales. I will refer to Benjamin Smith, the senior partner in the large slave-trading firm of Smith, Brewton & Smith, who had a great influence on the planters and a considerable knowledge and talent in the way he carried out his business: the fact that several head South Carolina planters lived in Charleston meant that they easily had great access to merchants, goods and slaves, and that they were also in a good position to take advantage of credit provided by Charleston merchants in the local mortgage market. Basically, Charleston had the advantage of being the commercial center of the state and could then bring to it several wealthy customers, even from different states (Morgan, 1998). In fact, their allies in North Carolina and in Georgia were great clients for these South Carolinians of Charleston even though every state was in completion with the other, none ever reached the size to be in real competition with Charleston. Another way to show how Charleston was the center of it all is that only eight per cent of its slave importations in the colonial period were moved elsewhere because they mostly stayed in Charleston (Morgan, 1998). Before ships can enter Charleston,

Everybody has something they feel that makes their lives easier, something a person becomes so accustomed to they could not live without it. This is what African slaves were to the Southern colonists. Slavery was a huge factor in the Southerner’s lives. Originally the colonists used indentured servants to work in their homes and on their plantations. This situation was not ideal because the Southern farmers wanted more control over their workers (orange). Virginian farmers heard about the success of slavery in the Caribbean and thought it would be a good solution to their problems (blue). The southern colonists had a very different way of earning a living than in the north. They needed people to work through “the harsh realities of a

The stability that slavery created in the American South between 1820 and 1860 was phenomenal. Economic stability was like no other country had ever seen, this economic stability created a global marketing network throughout many different nations, trade routes that still exist within modern America today. Slavery became the bedrock of American South livelihood; it became so valuable that it was almost seen as unimaginable to live without slavery. “It was inconceivable that European colonists could have settled and developed America without slave labour taking place,” this was according to……. The reason the south prospered and grew like it did was due to slavery. The value that slaves had to their slave owners was unquestionable. Slave owners were able to receive loans, whilst using their slaves as guarantors; these loans would then have been used in the purchasing of further land, more livestock and more slaves. It was also said that slave owners used their slaves to pay of any outstanding debt they may have had. It is clear to see the economic value that slaves possessed; they were included in the valuation of estates, for example; (Example), and this in turn became a source of tax revenue for the National as well as the local Governments, it was also

This was the period of post-slavery, early twentieth century, in southern United States where blacks were still treated by whites inhumanly and cruelly, even after the abolition laws of slavery of 1863. They were still named as ‘color’. Nothing much changed in African-American’s lives, though the laws of abolition of slavery were made, because now the slavery system became a way of life. The system was accepted as destiny. So the whites also got license to take disadvantages and started exploiting them sexually, racially, physically, and economically. During slavery, they were sold in the slave markets to different owners of plantation and were bound to be separated from each other. Thus they lost their nation, their dignity, and were dehumanized and exploited by whites.

Slaves in the North and South were terrified of the thought of being sold to some other owner. All of the slaves, no matter the gender, had to strip down all the way in front of everyone and would have to stand there naked to be investigated by the people that wanted to buy them. The people selling the slaves knew buyers would examine the bodies of the slaves they wanted to buy therefore were sneaky about covering up any scars and bruises the slaves had by puting make up on them to cover them up, and make them appear stronger than they were. The people that went for this to buy them were looking for men that were strong and that looked young. They wanted attractive women for themselves or in general so they would set them up with a male to have babies. They then could keep their

In American history, every event and person plays a part in the future. For example, rich plantation owners helped America advance their economy. However, that would not have been at all possible without the help of their slaves. The time and institution of slavery is a time of historical remembrance. It played a primary role during the seventeenth, eighteenth, and nineteenth centuries. The treatment, labor conditions, and personal stories of these slaves’ treatment and labor conditions are all widely discussed around the world to this day.

Slaves had no rights at all in the south. Many worked as servants and farm laborers. Some practiced skill trade as shoemaking and others worked on cotton plantations as field hands. Men and women did harsh backbreaking labor in the fields. They cleared new land, planted seeds, and harvested crops in all weather. Teenagers worked alongside the adults pulling weeds, picking insects off the crops and carrying water to the other workers. Some slaves became skilled workers such as blacksmiths and carpenters. Some slaves worked in cities but their earnings belonged to their owners. Planters often hired these skilled workers to work on their plantations. Older slaves like women worked as servants in the planter’s house. They cooked, cleaned and did other chores under the supervision of the planter’s wife.