How Did Slavery Affect The American Economy
The Role of Slavery on Southern Economy Despite its dark definitions, slavery was an essential ingredient in the creation of a strong economy for Antebellum period America. Slavery was the factor that shaped the lives of all people white or black, in that it determined; where they worked and how they lived. With such a strong hold on society, it was no wonder that slavery had a major role in the development of
American economy. From the beginning of the 1800s towards the beginning of the Civil War the population of slaves in America grew from around 700,000 to nearly 4,000,000. Despite the 1808 prohibition of slave trade from Africa, the internal trade in the South continued. The Old South had developed the largest and most powerful slave society the world had seen. It relied on the …show more content…
Northern merchants purchased cotton, Northern ships transported cotton to other states, and Northern banks financed many cotton plantations. Even though slavery had ended in the North, it was impossible for the “free states” to disregard such an influential force in the American economy.
Although the South gained from slavery and grew economically, it did not do so through the same ways as the rest of the nation. Slavery caused the South to have: limited industrial growth, a low number of immigrants that moved into the region, and decreased technological advancement. The entire South produced only about ten percent of the nation’s manufactured goods. However, the Southern economy was anything but stagnant. As stated by Robert Fogel and Stanley Engerman in their book
Time on The Cross
, slavery was “a highly profitable investment which yielded rates of return that compared favourably with the most outstanding investment opportunities in manufacturing.” The firm grip that slavery held in the nation’s economy made it a challenge for abolitionist ideals. The American economy depended on cotton, and since cotton depended on
American economy. From the beginning of the 1800s towards the beginning of the Civil War the population of slaves in America grew from around 700,000 to nearly 4,000,000. Despite the 1808 prohibition of slave trade from Africa, the internal trade in the South continued. The Old South had developed the largest and most powerful slave society the world had seen. It relied on the …show more content…
Northern merchants purchased cotton, Northern ships transported cotton to other states, and Northern banks financed many cotton plantations. Even though slavery had ended in the North, it was impossible for the “free states” to disregard such an influential force in the American economy.
Although the South gained from slavery and grew economically, it did not do so through the same ways as the rest of the nation. Slavery caused the South to have: limited industrial growth, a low number of immigrants that moved into the region, and decreased technological advancement. The entire South produced only about ten percent of the nation’s manufactured goods. However, the Southern economy was anything but stagnant. As stated by Robert Fogel and Stanley Engerman in their book
Time on The Cross
, slavery was “a highly profitable investment which yielded rates of return that compared favourably with the most outstanding investment opportunities in manufacturing.” The firm grip that slavery held in the nation’s economy made it a challenge for abolitionist ideals. The American economy depended on cotton, and since cotton depended on