Cotton, Slavery, and the New History of Capitalism
Explorations in Economic History 67 (2018) 1–17 Contents lists available at ScienceDirect Explorations in Economic History journal homepage: www.elsevier.com/locate/eeh Cotton, slavery, and the new history of capitalism Alan L. Olmstead a, Paul W. Rhode b,∗ a Department of Economics, University of California, Davis, CA, United States and member of the Giannini Foundation of Agricultural Economics b Department of Economics, University of Michigan, 611 Tappan St., Ann Arbor, MI 48019, United States, and NBER a b s t r a c t The “New History of Capitalism ”grounds the rise of industrial capitalism on the production of raw cotton by American slaves. Recent works include Sven Beckert’s Empire of Cotton , Walter Johnson’s River of Dark Dreams , and Edward Baptist’s The Half Has Never Been Told . All three authors mishandle historical evidence and mis-characterize important events in ways that affect their major interpretations on the nature of slavery, the workings of plantations, the importance of cotton and slavery in the broader economy, and the sources of the Industrial Revolution and world development. © 2017 Elsevier Inc. All rights reserved. 1. Introduction Slavery remains a topic of keen interest, for good reasons. In the United States, slavery left a legacy of misery, inequality, and troubled race relations. Slavery and the war that ended it led to an impoverished American South. 1 It was in this backward, largely rural setting, that freed men and women, lacking education and capital, and often surrounded by hostile whites, had to start new lives. For too long there was a general acquiescence to a southern revisionist version of slavery, the causes of the Civil War, and the subsequent southern white supremacy governments and policies.
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