Lecture05_fall2009

Lecture05_fall2009 - Ec183, Fall 2009 Leah Boustan Lecture...

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Ec183, Fall 2009 Leah Boustan Lecture 5: Agenda • Review: If slavery was so efficient, why didn’t it spread northward? • Lecture on the early factory system and the associated rise of the commercial banking sector Review: Slavery and efficiency • Our definition of efficiency is outputs per unit inputs, or [A = Q/(L a K 1-a )]. • We found that free farms and small slave farms were equally efficient. However, large slave farms (16+ slaves) were 30% more productive with the same inputs. • Fogel’s explanation: gang system of agriculture. • Question: Why didn’t slavery spread to the North?
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One hypothesis: Spread of slavery was held in check by political compromise The Missouri Compromise (1820) regulated the legality of slavery in the western territories. It permitted slavery in the state of Missouri and Arkansas territory. It forbade slavery in the Missouri territory of the Great Plains. Foreign Claimed Mason-Dixon line Alternative hypothesis: Slavery spreads West with a spread of cotton 1801 1859 Source: Fogel, Without Consent or Contract, 1989
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Westward spread of slavery 1800 1860 Source: Fogel, Without Consent or Contract, 1989 Principal importers of African slaves were sugar- growing regions. Cotton comes late in the game. 41% 10% 7% Cotton didn’t take off until c. 1830. US bans slave imports in 1808.
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Lecture 5: The early factory system • The “American System” of manufactures – Small factories replace artisanal shops c. 1820. Efficiency gains from divisions of labor. – Interchangeability of parts c. 1850. Labor saving
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Lecture05_fall2009 - Ec183, Fall 2009 Leah Boustan Lecture...

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