Macroeconomics Of Slavery Essay - 1709 Words

Macroeconomics of Slavery Sales of Slaves Slaves were freely bought and sold across the antebellum South. Southern law offered greater protection to slave buyers than to buyers of other goods, in part because slaves were complex commodities with characteristics not easily ascertained by inspection. Slave sellers were responsible for their representations, required to disclose known defects, and often liable for unknown defects, as well as bound by explicit contractual language. Hiring Out Slaves Slaves faced the possibility of being hired out by their masters as well as being sold. Hired slaves frequently worked in manufacturing, construction, mining, and domestic service, often labored side by side with free persons. Bond and free†¦show more content†¦By 1860, Southerners owned close to $4 billion worth of slaves. Slavery remained a thriving business on the eve of the Civil War: According to Fogel and Engerman, by 1890 slave prices would have increased on average more than 50 percent over their 1860 levels. No wonder the South rose in armed resistance to protect its enormous investment. Slave markets existed across the antebellum U.S. South. Private auctions, estate sales, and professional traders facilitated easy exchange. Established dealers like Franklin and Armfield in Virginia, Woolfolk, Saunders, and Overly in Maryland, and Nathan Bedford Forrest in Tennessee prospered alongside traveling traders who operated in a few counties, buying slaves for cash from their owners, then moving them overland in coffles to the lower South. Over a million slaves were taken across state lines between 1790 and 1860 with many more moving within states. Some of these slaves went with their owners; many were sold to new owners. Determinants of Slave Prices The prices paid for slaves reflected two economic factors: the characteristics of the slave and the conditions of the market. Important individual features included age, sex, childbearing capacity (for females), physical condition, temperament, and skill level. In addition, the supply of slaves, demand for products produced by slaves, and seasonal factors helped determine market conditions and therefore prices. Age and Price Prices for both male and female slavesShow MoreRelatedCauses Of Child Labour1235 Words   |  5 Pages†¢ Threatens children’s physical, mental or emotional well being. †¢ Involves intolerable abuse, such as child slavery, child trafficking, debt bondage, forced labour or illicit activities. †¢ Prevents children from going to school. †¢ Uses children to undermine labour standards. 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