Slavery's Support: Slavery thrived not just on economic exploitation but on strong legal and political support, emphasizing how states enforced systems that benefited a few at the expense of many.
Slavery has been a part of human history across many cultures, but it couldn't have been sustained without the backing of political systems. Slaveholders relied on legal support to enforce slavery, as it was too costly for them to maintain alone. Judge Lord Mansfield pointed out that slavery required solid legal support to exist, highlighting its immoral nature. Even though some form of slavery could persist without laws, it would be significantly weakened without government enforcement. Thus, it is crucial to understand how laws and state involvement played a key role in maintaining slavery and supporting the interests of a minority over many people; this reflects a deeper economic and social dynamic at play throughout history.
Productivity and Control: Forceful control over others often leads to higher costs and lower productivity, highlighting the benefits of voluntary cooperation over slavery.
Survival on an island presents tough choices when it comes to using limited resources. A man who tries to enslave another instead of working together faces high costs, from maintaining control to dealing with resistance. Working voluntarily yields better results; people perform better when motivated rather than forced, as harsh methods don't produce fruitful labor. This dynamic reflects the challenges of slavery, showing that attempting to control others can be more burdensome than beneficial. Enslaving someone diminishes their incentive to work, affecting overall production. It emphasizes that cooperation is more productive than forced labor, illustrating that freedom and willingness often lead to greater accomplishments. Even in ancient scenarios, efforts to make others work against their will often backfire, leading to inefficiencies and costs that can outweigh any perceived benefits of control.
Slavery's Decline: Slavery became less profitable compared to free labor due to high maintenance costs, leading to its decline as a viable institution in a market economy.
Primitive societies did not distinguish between property and humans, like women and slaves. As slaves began to offer valuable services beyond simple labor, masters were compelled to treat them better, leading to a social relationship based on mutual interest rather than just fear. High costs associated with maintaining slaves ultimately made slavery less profitable compared to free labor. This shift marked the decline of slavery, as free labor became more desirable and cost-effective. Historical estimates show that maintaining a slave was much more expensive than hiring free laborers in places like Northern India, underscoring that slavery was not as cheap as commonly believed. Instead, the market economy favored free labor due to its lower costs, which helped abolish the institution of slavery as it could not compete economically with free workers.
Understanding Slavery Costs: Slavery was not cheap labor; it involved significant upfront and ongoing costs that made slave ownership expensive, challenging the idea that unpaid labor is inexpensive.
American cotton production was not based on cheap labor as many might think. Although slaves were unpaid, there were significant costs involved in owning and maintaining them, including their purchase price and ongoing expenses like food and shelter. This reality suggests that slave labor was not inexpensive, as it required calculations of costs and benefits. Owners did not just save money by not paying wages; they had to weigh the costs of caring for their slaves against the benefits of their labor. Additionally, if a slave escaped, it added more costs for the owner to retrieve them. Therefore, the idea that slavery equated to cheap labor doesn't accurately reflect the complexities and costs linked to the system. Overall, labor scarcity and land abundance in America played a crucial role in shaping the true economic landscape of cotton production.
Inefficiency of Slavery: Slavery is inefficient and cannot compete with free labor in a market without government support, which ultimately makes cooperation more productive.
Slavery cannot sustain itself in a free market because it is too costly to maintain compared to free labor. For slavery to work, it has to be supported by the government using taxpayer money, as it cannot compete effectively. When given a choice, labor is more productive and cheaper when it is voluntary, leading to a system where respect for individual freedom and cooperation outweighs oppression, making it more beneficial for society. Without government intervention, the demands of a free market push for voluntary work instead of slavery, which is inherently inefficient and harmful. Thus, in a truly free market, slavery finds no footing as its costs exceed any potential gains.
Understanding the Real Costs of Slavery: It’s Not Cheap labor
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The more things change, the more they remain the same. In our present age of inflation, we are reminded of how Diocletian and other Roman authorities ordered price controls and other measures to hold down prices. None of these edicts were successful in bringing down prices.
Original article: The Denarius and the Dollar: Price Controls Then and Now
An Economy So Strong It Requires Crisis-Level Fed Action
The Fed’s specialty is propaganda through data, with a long record of failure. This is by design. Their communication tools must work in overtime, particularly in the face of a decision like this, to avoid “spooking markets”, though this veneer is easy to see through.
Original article: An Economy So Strong It Requires Crisis-Level Fed Action
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Original article: Understanding the Basics of Modern Banking
The Fed Hits the Panic Button and Slashes the Fed Funds Rate
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Original article: The Fed Hits the Panic Button and Slashes the Fed Funds Rate
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The political zeitgeist is to embrace protectionism, leading some who support free trade to embrace open borders. However, as Murray Rothbard explained, people and societies are complex entities and what may work for trade does not work for open immigration.
Original article: Tariffs, Protectionism, and Why Borders Matter
The Second Trump Shooter Believed Exactly What the Establishment Media Wanted Him to Believe
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Original article: The Second Trump Shooter Believed Exactly What the Establishment Media Wanted Him to Believe
The Gradual Leftward Shift in US Politics and Economy
This year's presidential election is presented in stark terms of right and left, Trump on the right and Harris on the left. However, it is more realistic to say that both candidates are to the left of where electoral politics was located just a couple decades ago.
Original article: The Gradual Leftward Shift in US Politics and Economy
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Original article: Yes, We Should Defend the Term “Capitalism”
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Original article: Understanding the Real Costs of Slavery: It’s Not Cheap labor
New “Engels” on Marx
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Original article: New “Engels” on Marx