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DID SLAVERY MAKE ECONOMIC SENSE?

Global Economics presentation

Ieva Naujokaitė
Ingrida Marčiulaitytė
Edvinas Vyšniauskas...
WHAT IS SLAVERY?
• Slavery in the North
America started in
1619.
• People are treated as
property
• 4 types of slavery:
ch...
SLAVERY – PROFITABLE INVESTMENT

• Benefits for free
• Productivity
• Slavery ROI vs. railroad bonds
• Source of wealth

3
EFFECT OF SLAVERY ON WIDER ECONOMIC
DEVELOPMENT

• Impossible scientific agriculture
• Reduced development of Southern cap...
POSITIVE AND NEGATIVE EFFECTS OF
DIVERSIFICATION

• What is diversification?
• Diversification was mainly found on Souther...
SLAVERY‘S EFFECTS ON ECONOMIES OUTSIDE
AMERICA

• Provincial banking emerged in 18th century
• Slavery encouraged global c...
CONCLUSIONS

• Individual business vs. wider economic
development
• Encouraged global commodity circulation
• Because of d...
THANK YOU!
REFERENCES
•
•
•
•

•
•
•

„The Economist“ 2013 09 27 „Did slavery make economic sense?“
„The start of slavery in North Am...
REFERENCES
•
•
•
•

•
•
•

„The Economist“ 2013 09 27 „Did slavery make economic sense?“
„The start of slavery in North Am...
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Did slavery make economic sense economics - group 2 -3rd of october

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

  1. 1. DID SLAVERY MAKE ECONOMIC SENSE? Global Economics presentation Ieva Naujokaitė Ingrida Marčiulaitytė Edvinas Vyšniauskas Kaunas 2013
  2. 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. 3. SLAVERY – PROFITABLE INVESTMENT • Benefits for free • Productivity • Slavery ROI vs. railroad bonds • Source of wealth 3
  4. 4. EFFECT OF SLAVERY ON WIDER ECONOMIC DEVELOPMENT • Impossible scientific agriculture • Reduced development of Southern capitalism • Difficulties on trading networks 4
  5. 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. 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. 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. 8. THANK YOU!
  9. 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. 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

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