The Inefficiency of Slavery

The Inefficiency of Slavery

History and Introduction to Slavery

I.a. II. Slavery as a market

How to Judge Efficiency

We will look at one of the most controversial books. Time on the Cross by Fogel and Engerman. Intro book. Explain ideas and 10 assumptions

Answering Fogel and Engerman

The best way to answer this question of efficiency is to look at F&E's data and evaluate. The book starts by listing ten assumptions that Fogel and Engerman observe before further evaluating the system and showing its efficiency.

The 10 Assumptions

1. Slavery was in the best interest of the Slave owners.

2. No evidence that economic forces would have stopped slavery.

3. Slave holders were not pessimistic before the Civil War.

Oter Criticisms of Fogel and Engerman

• Just a couple of racists.

Response of the People

Describe the times. Describe how people felt. (Disagree, Agree, Indifferent, Spark any new Ideas?) Sales of book Developments--> kleometics

Kleometrics

Define. Show how it was bad and hindered real advances.

The Efficiency

Obviously less efficient than regular capitalism. Without the outlandish Assumptions that Fogel and Engerman laid out they would have been unable to prove the market efficient.

Sources

• Time on the Cross
• Critic's articles