Advertisement

Yet Another Half Untold

Chapter
  • 656 Downloads

Abstract

Slavery cannot drive capitalism or economic growth and economic development because it creates large, though largely hidden, negative externalities or costs. This chapter critiques the recent work of Ed Baptist, Sven Beckert, Robin Blackburn, Walter Johnson, Calvin Schermerhorn, and other historians who claim that chattel slavery drove American, British, and more broadly, Western economic growth and economic development (capitalism) by arguing that while slavery is profitable for enslavers, it creates large negative externalities, or hidden costs akin to pollution, that render slavery not only immoral but economically damaging. Wright introduces the broken window parable of Frederic Bastiat to explain that economic effects are often hidden and need to be sought out if economic phenomena are to be properly understood and notes that these hidden costs form yet another half of the untold story of slavery, a play on Baptist’s 2014 The Half Has Never Been Told.

Keywords

Child Labor Negative Externality Labor Regime Child Soldier Slave Labor 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Bibliography

  1. van den Anker, C. (2004). Contemporary slavery, global justice and globalization. In C. van den Anker (Ed.), The political economy of new slavery (pp. 15–36). New York: Palgrave Macmillan.CrossRefGoogle Scholar
  2. Anon. (2015). Roundtable of reviews for The Half Has Never Been Told. Journal of Economic History, 75, 919–931.CrossRefGoogle Scholar
  3. Bales, Kevin. (2012). Disposable people: New slavery in the global economy, Rev. ed. Berkeley: University of California Press.Google Scholar
  4. Baptist, E. E. (2014). The half has never been told: Slavery and the making of American capitalism. New York: Basic Books.Google Scholar
  5. Baumol, W., Litan, R. E., & Schramm, C. J. (2007). Good capitalism, bad capitalism, and the economics of growth and prosperity. New Haven, CT: Yale University Press.Google Scholar
  6. Beckert, S. (2014). Empire of cotton: A global history. New York: Knopf.Google Scholar
  7. Benezet, A., & Wesley, J. (1774). The potent enemies of America laid open: Being some account of the baneful effects attending the use of distilled spirituous liquors, and the slavery of the negroes. Philadelphia: Joseph Crukshank.Google Scholar
  8. Bishop, R., & Robinson, L. S. (1997). Night market: Sexual cultures and the Thai economic miracle. New York: Routledge.Google Scholar
  9. Blackburn, R. (2011). The American crucible: Slavery, emancipation and human rights. New York: Verso.Google Scholar
  10. Channing, W. E. (1839). Remarks on the slavery question in a letter to Jonathan Phillips, Esq. Boston: James Munroe and Company.Google Scholar
  11. Dal Lago, E., & Katsari, C. (2008). The study of ancient and modern slave systems: Setting an agenda for comparison. In E. D. Lago & C. Katsari (Eds.), Slave systems ancient and modern (pp. 3–31). New York: Cambridge University Press.CrossRefGoogle Scholar
  12. Davis, D. B. (1966). The problem of slavery in Western culture. Ithaca, NY: Cornell University Press.Google Scholar
  13. Eltis, D. (1987). Economic growth and the ending of the transatlantic slave trade. New York: Oxford University Press.Google Scholar
  14. Eltis, D., & Engerman, S. (2000). The importance of slavery and the slave trade to industrializing Britain. Journal of Economic History, 60, 123–144.CrossRefGoogle Scholar
  15. Emmett, R. B. (2014). Malthus, the slave trade, and the civilizing effect of the preventive checks. Social Science Research Network. Retrieved August 11, 2016, from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2449035
  16. Fogel, R. (1989). Without consent or contract: The rise and fall of American slavery. New York: W. W. Norton.Google Scholar
  17. Gallay, A. (2002). The Indian slave trade: The rise of the English Empire in the American South, 1670–1717. New Haven, CT: Yale University Press.Google Scholar
  18. Hall, C., Draper, N., McClelland, K., Donington, K., & Lang, R. (2014). Legacies of British slave-ownership: Colonial slavery and the formation of Victorian Britain. New York: Cambridge University Press.CrossRefGoogle Scholar
  19. Helper, H. R. (1860). The impending crisis of the South: How to meet it. New York: A. B. Burdick.Google Scholar
  20. Higgs, R. (2009). Depression, war, and Cold War: Challenging the myths of conflict and prosperity. Stanford, CA: Independent Institute.Google Scholar
  21. Johnson, W. (2013a). River of dark dreams: Slavery and empire in the cotton kingdom. Cambridge: Harvard University Press.Google Scholar
  22. Johnson, W. (2013b, March 31). King Cotton’s long shadow. New York Times.Google Scholar
  23. Jones, N. T. (1990). Born a child of freedom, yet a slave: Mechanisms of control and strategies of resistance in antebellum South Carolina. Middletown, CT: Wesleyan University Press.Google Scholar
  24. Kara, S. (2012). Bonded labor: Tackling the system of slavery in South Asia. New York: Columbia University Press.Google Scholar
  25. Kilbourne Jr., R. H. (2006). Slave agriculture and financial markets in antebellum America: The Bank of the United States in Mississippi, 1831–1852. London: Pickering & Chatto.Google Scholar
  26. Klein, M. (1993). Introduction: Modern European expansion and traditional servitude in Africa and Asia. In M. A. Klein (Ed.), Breaking the chains: Slavery, bondage, and emancipation in modern Africa and Asia (pp. 3–36). Madison: University of Wisconsin Press.Google Scholar
  27. Kvach, J. (2013). De Bow’s Review: The antebellum vision of a new South. Lexington: University of Kentucky Press.CrossRefGoogle Scholar
  28. Lovejoy, P. E. (2012). Transformations in slavery: A history of slavery in Africa (3rd ed.). New York: Cambridge University Press.Google Scholar
  29. Manning, P. (1990). Slavery and African life: Occidental, oriental, and African slave trades. New York: Cambridge University Press.Google Scholar
  30. Miers, S. (2003). Slavery in the twentieth century: The evolution of a global problem. New York: Rowman & Littlefield.Google Scholar
  31. Movement for Black Lives. (2016). Reparations. Retrieved August 11, 2016, from https://policy.m4bl.org/reparations/
  32. Naim, M. (2005). Illicit: How smugglers, traffickers, and copycats are hijacking the global economy. New York: Doubleday.Google Scholar
  33. Neff, E. (1924). Carlyle and Mill, mystic and utilitarian. New York: Columbia University Press.Google Scholar
  34. Noem, K. (2014). Argus Leader: Social media factor in driving sex trafficking, speakers say. In the News. Retrieved August 11, 2016, from http://noem.house.gov/index.cfm/2014/2/argus-leader-social-media-factor-in-driving-sex-trafficking-speakers-say
  35. Quirk, J. (2011). The anti-slavery project: From the slave trade to human trafficking. Philadelphia: University of Pennsylvania Press.CrossRefGoogle Scholar
  36. Resendez, A. (2016). The other slavery: The uncovered story of Indian enslavement in America. New York: Houghton Mifflin Harcourt.Google Scholar
  37. Schermerhorn, C. (2015). The business of slavery and the rise of American capitalism, 1815–1860. New Haven, CT: Yale University Press.CrossRefGoogle Scholar
  38. Stone, A. H. (1908). Some problems of Southern economic history. American Historical Review, 13, 779–797.CrossRefGoogle Scholar
  39. Taylor, J. E. (2014). The Great Depression and its aftermath. In R. E. Wright & T. Zeiler (Eds.), CQ Press Guide to U.S. Economic Policy (pp. 45–60). Washington, DC: Sage.Google Scholar
  40. Turley, D. (1996). Slave emancipations in modern history. In M. L. Bush (Ed.), Serfdom and slavery: Studies in legal bondage (pp. 181–196). New York: Addison Wesley Longman.Google Scholar
  41. Van Bueren, G. (2004). Slavery as piracy: The legal case of reparations for the slave trade. In C. van den Anker (Ed.), The political economy of new slavery (pp. 235–247). New York: Palgrave Macmillan.CrossRefGoogle Scholar
  42. Wallace, G. (1760). A system of the principles of the laws of Scotland. In The annual register, or a view of the history, politicks and literature of the year 1760 (3rd ed., pp. 263–265). London: R. and J. Dodsley.Google Scholar
  43. Wiener, J. (1979). Coming to terms with capitalism: The postwar thought of George Fitzhugh. Virginia Magazine of History and Biography, 87, 438–447.Google Scholar
  44. Wright, R. E. (2010). Fubarnomics: A lighthearted, serious look at America’s economic ills. Amherst, NY: Prometheus.Google Scholar
  45. Wright, R. E. (2017). Financing U.S. economic growth, 1790–1860: Corporations, markets, and the real economy. In P. L. Rousseau & P. Wachtel (Eds.), Financial systems and economic growth: Credit, crises, and regulation from the 19th century to the present. New York: Cambridge University Press.Google Scholar
  46. Zeuske, M. (2012). Historiography and research problems of slavery and the slave trade in a global-historical perspective. International Review of Social History, 57, 87–111.CrossRefGoogle Scholar

Copyright information

© The Author(s) 2017

Authors and Affiliations

  1. 1.Augustana UniversitySioux FallsUSA

Personalised recommendations