Ec183_Lecture4. Slavery_lecture

Ec183_Lecture4. Slavery_lecture - Lecture 4: The Economics...

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Lecture 4: The Economics of Slavery x Myth #1: The South was a poor region both before and after the Civil War. x Myth #2: Slavery was unprofitable and not economically efficient. It was a dying institution and would have soon ended without a Civil War. x Question #1: If slavery was efficient, why didn’t it spread to the North? x Question #2: Why did the South take so long to converge with the North after the Civil War? Robert Fogel and Stanley Engerman: Time on the Cross (1974) One reviewer said: “It is a rare monograph in economic history that gets reviewed in magazines and newspapers such as Newsweek , The New York Times and The Washington Post among others; or whose authors appear on television talk shows. Robert Fogel and Stanley Engerman's Time on the Cross was one such book -- perhaps the only one.”
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YOU Your connection to Robert Fogel Robert Fogel Ken Sokoloff Claudia Goldin Myth 1: The South was poor before the Civil War
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The Union in 1850 Manufactured goods Foodstuffs Raw cotton Ratio of per Capita income: South/whole US 0.45 0.5 0.55 0.6 0.65 0.7 0.75 0.8 0.85 0.9 0.95 1850 1870 1890 1910 1930 1950 1970 1990 2010 Antebellum Aftermath of war Beginning of convergence
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Per Capita Income by Region: 1840, 1860 Total Free only 1840 ($) 1860 ($) 1840- 1860 growth (%) 1840 ($) 1860 ($) National average 96 128 33 109 144 North 109 141 29 110 142 Northeast 129 181 40 130 183 North Central 65 89 37 66 90 South 74 103 39 105 180 South Atlantic 66 84 28 96 125 E. South Central 69 89 29 92 125 W. South Central 151 184 22 238 274 3 rd richest “nation” in the world Myth 2: Slavery was unprofitable
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The historical claim • Most abolitionists made moral/religious appeals • Anti-slavery southerners argued instead that
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This note was uploaded on 04/13/2009 for the course ECON 183 taught by Professor Boustan during the Winter '09 term at UCLA.

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Ec183_Lecture4. Slavery_lecture - Lecture 4: The Economics...

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