Nobody downloaded yet

The Economic Riddles of the Institution of Slavery - Assignment Example

Comments (0) Cite this document
This paper explores the economic reasons, which stipulated the incidence of slavery in the United States. Fogel and Engerman argued against the premise, that slavery was unproductive. They considered slave labor as being more efficient than free labor. Their views are expounded in the paper…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER95.9% of users find it useful
The Economic Riddles of the Institution of Slavery
Read TextPreview

Extract of sample
"The Economic Riddles of the Institution of Slavery"

Download file to see previous pages They discovered that the common situation of the black community, particularly the degree of slave breeding, licentiousness, and sexual abuse, to have been very much overstated or inaccurate (Thornton 1994). In reality, the material or physical situations of the slave were not considerably different from that of the free worker; they assumed that slaves were permitted to own ’90 percent of lifetime productivity (only 10 percent exploitation)’ (Thornton 1994, 25). Therefore, if the assumption of Fogel and Engerman is valid, then what were the possible economic reasons for the demise of slavery in antebellum South? Economic Inefficiency of Slave Labor Given Fogel’s and Engerman’s argument, free labor and slavery becomes similar to servitude in the sense that they may give to the owners all the profits of trade beyond what is needed for the subsistence of the workers; but they have this distinction, relevant for American rationales, that they allow labor to be geographically transferred, as servitude keeps it provincially bonded. By opting for these enabling types of servitude instead of the one which would have tied the workers to the land, the pioneers of the colonial administration in trade probably believed they had prevented all economic obstacles in the territories. Nevertheless, their mechanism was projected to resolve the problems of a situation where the option was between free labor and slave labor. As decades passed and laborers mushroomed in America, the servitude structure for White settlers was rapidly abolished; but bonded labor or slavery for most of the Negroes continued as an essential aspect of economic life (Phillips 1959). Whether this was beneficial or unfavorable to the...
This paper presents a comprehensive review of economic views of Fogel and Engerman on the efficiency of slave labor. The long-established analysis of the economics of slavery in the United States is evidently wide-ranging and intricate: slavery was economically primitive, unproductive, and futile. Yet, Fogel and Engerman argued against the premises and tried to prove that slavery was quite cost-effective.In order to support their thesis, they computed the ‘ratio of output to a weighted sum of inputs’ in free and slave agriculture, and compare the results. Rooted in a historical procedure that depends on the unearthing of new information and depends on ‘technical mathematical points’ , this model transformed slavery in the antebellum South from an oppressive structure to one that is currently regarded to have been more efficient and cost-effective than the North’s free labor structure.
Starting with a description of the relative primitiveness of the South in economic progress, several scholars argue, mostly in reaction to Fogel’s and Engerman’s controversial thesis, that the institution of slavery is the root of the South’s backwardness.The individual prosperity which has taken that shape has contribute nothing to the community’s riches: Slavery merely serves to appropriate the wages of labor—it distributes wealth, but cannot create it. It entails cost in obtaining early population, then functions to hamper industry diversification and land developments, limiting, in fact, even the expansion of agriculture ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“The Economic Riddles of the Institution of Slavery Assignment”, n.d.)
The Economic Riddles of the Institution of Slavery Assignment. Retrieved from https://studentshare.org/history/1433215-the-economic-riddles-of-the-institution-of-slavery
(The Economic Riddles of the Institution of Slavery Assignment)
The Economic Riddles of the Institution of Slavery Assignment. https://studentshare.org/history/1433215-the-economic-riddles-of-the-institution-of-slavery.
“The Economic Riddles of the Institution of Slavery Assignment”, n.d. https://studentshare.org/history/1433215-the-economic-riddles-of-the-institution-of-slavery.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
American Slavery, American Freedom
‘Give Me Liberty’ by Eric Foner, Professor of History, Columbia University, gives us deep insight into specific incidents leading to slavery in America. His book dealing with 19th century America, focusing on slavery, war and reconstruction, has won him great acclaim as a leading contemporary Historian and is extensively used as a History text in the classroom.
2 Pages(500 words)Assignment
ECONOMIC institution and policy(British economy)
7 Recent Government Policies 8 Conclusion 8 References 9 Introduction The manufacturing sector of England had historically been the primary pillaring strength of the nation. The sector not only accounted for a lion’s share of the gross production of the nation but also contributed a huge percentage to the net export revenue of the economy.
7 Pages(1750 words)Essay
Evolving Slavery
Among the factors previously stated, social status has been influencing how society treats people. This is a very sad reality that the once united and equally created men are being divided by the amount of money they have or resources they own. Slavery is not an isolated case in a particular location, tribe or culture.
4 Pages(1000 words)Assignment
The argument for the institution of a world currency
Write an overview, of approximately 750 words, of the argument for the institution of a world currency. A single currency and that too in a uniform way would mean immense financial freedom for all and sundry. The institution of a singular currency would resolve many problems that exist today.
3 Pages(750 words)Assignment
Slavery Legacy anf Its Influence on Economic Development of U.S. South
Slaves were more expensive than the complimentary manual workers were. Even though, there was slavery eradication in America for the past decades, its legacy continued to influence the financial system after the Civil War. Slavery not only led to underdevelopment in Africa but also, in the United States.
3 Pages(750 words)Assignment
On the other hand, most of the people from the Northern United States favored freeing the Southern White American’s slaves. The Civil War between the Northern American and the Southern American focused on resolving the slave issue with finality. Different individuals
6 Pages(1500 words)Assignment
Additionally, the competitiveness is also measured from the ease with which new firms can enter the market and also the ease with which existing firms can exit the market in the long
4 Pages(1000 words)Assignment
The four types of market structures are oligopoly, monopoly, perfect competition, and monopolistic competition. This paper studies two scenario dealing with two firms operation in a perfect competition and monopolistic competition
4 Pages(1000 words)Assignment
How was Slavery impacted (Mod 4 Disc1)
The slave trade between the sugar islands and the mainland provided a major resource for understanding that trade had slavery impact on the mainland agriculture during the early years
1 Pages(250 words)Assignment
The hypocrisy of American slavery
The second question is a completely different approach to events concerning slavery. It is a parting shot and comes out in a bold expression of hope and confidence that the battle against slavery will be won upon the realization that America leads the slavery devil. The
1 Pages(250 words)Assignment
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Assignment on topic The Economic Riddles of the Institution of Slavery for FREE!
logo footer
Contact us:
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us