Your SlideShare is downloading. ×
Did slavery make economic sense   economics - group 2 -3rd of october
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Introducing the official SlideShare app

Stunning, full-screen experience for iPhone and Android

Text the download link to your phone

Standard text messaging rates apply

Did slavery make economic sense economics - group 2 -3rd of october

2,391
views

Published on

Published in: Technology, Economy & Finance

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
2,391
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. DID SLAVERY MAKE ECONOMIC SENSE? Global Economics presentation Ieva Naujokaitė Ingrida Marčiulaitytė Edvinas Vyšniauskas Kaunas 2013
  • 2. WHAT IS SLAVERY? • Slavery in the North America started in 1619. • People are treated as property • 4 types of slavery: chattel (traditional), bonded labor, forced labor, forced marriage. 2
  • 3. SLAVERY – PROFITABLE INVESTMENT • Benefits for free • Productivity • Slavery ROI vs. railroad bonds • Source of wealth 3
  • 4. EFFECT OF SLAVERY ON WIDER ECONOMIC DEVELOPMENT • Impossible scientific agriculture • Reduced development of Southern capitalism • Difficulties on trading networks 4
  • 5. POSITIVE AND NEGATIVE EFFECTS OF DIVERSIFICATION • What is diversification? • Diversification was mainly found on Southern states • Diversification helped slaveowners to pay their fixed costs... • ... but it caused a negative effect on trades and development of the Southern cities • There was no benefits of diversification for the Southern states as a whole 5
  • 6. SLAVERY‘S EFFECTS ON ECONOMIES OUTSIDE AMERICA • Provincial banking emerged in 18th century • Slavery encouraged global commodity circulation • Human beings treated like a capital equipment • Slaves themselves had a terrible economic cost • Opportunity cost to the broader economies 6
  • 7. CONCLUSIONS • Individual business vs. wider economic development • Encouraged global commodity circulation • Because of diversification, economic growth in the Southern states was suspended, while North states became more developed 7
  • 8. THANK YOU!
  • 9. REFERENCES • • • • • • • „The Economist“ 2013 09 27 „Did slavery make economic sense?“ „The start of slavery in North America“ http://afroamhistory.about.com/od/slavery/a/The-Start-Of-Slavery-In-North-Ame „Economics of Slavery“ http://faculty.weber.edu/kmackay/economics %20of%20slavery.asp „How slavery helped build a world economy“ http://news.nationalgeographic.com/news/2003/01/0131_030203_jubilee 2.html „Slavery in America“ http://www.history.com/topics/slavery „Agricultural diversification“ http://missmango5.wikispaces.com/2b. +Agricultural+diversification „The South‘s Economy“ http://www.digitalhistory.uh.edu/disp_textbook.cfm?smtID=2&psid=3558 9
  • 10. REFERENCES • • • • • • • „The Economist“ 2013 09 27 „Did slavery make economic sense?“ „The start of slavery in North America“ http://afroamhistory.about.com/od/slavery/a/The-Start-Of-Slavery-In-North-Ame „Economics of Slavery“ http://faculty.weber.edu/kmackay/economics %20of%20slavery.asp „How slavery helped build a world economy“ http://news.nationalgeographic.com/news/2003/01/0131_030203_jubilee 2.html „Slavery in America“ http://www.history.com/topics/slavery „Agricultural diversification“ http://missmango5.wikispaces.com/2b. +Agricultural+diversification „The South‘s Economy“ http://www.digitalhistory.uh.edu/disp_textbook.cfm?smtID=2&psid=3558 9