Earlier quoted context omitted.
> That both slavery and Colonialism flourished under such an incentive structure should not be a surprise. But that's factually untrue, slavery held back the accumulation of capital. American agriculture became MORE profitable after slavery was abolished. Once the actual cost of manufacturing had to be factored in, planters were forced to find more productive crops to grow. That process led to: 1. the decimation of t…
That's outrageously ahistorical. The former slaves weren't suddenly "free" and unexploited in the US after the civil war. In many aspects they were still enslaved through various direct and indirect means. If you're interested in not just regurgitating propaganda you can read this book: "Slavery by Another Name: The Re-Enslavement of Black Americans from the Civil War to World War II". Furthermore your entire premise…
The supposed “wealth” of the anti-bellum South is based on a rhetorical fallacy: that by categorizing human beings as “property” you could treat their long term earning power as an asset. But that’s now how economies work. We can label things whatever we want, but they are what they are. (For example, the entity that ultimately bears the economic burden of a tax in practice doesn’t depend on who the law nominally assigns to pay the tax.) Put differently, if you draw a box around the economy, you can’t increase the productive output of that box by imposing slavery. It might change the distribution of wealth within the box, it not for the economy as a whole. Economic theory says the productive capacity of the box will be maximized when labor is not coerced.
Almost all of the “slavery was economically efficient” notions come from a handful of scholars, who are historians and not economists: https://economicsdetective.com/2019/09/cotton-slavery-and-th...
The work is not only methodologically flawed, but depends on shifting definitions of “capitalism”: https://poseidon01.ssrn.com/delivery.php?ID=3191210060650810...
A leading NHC scholar has refused to define what he means by “capitalism” preferring to let the term “float as a placeholder.”