One Kind of Freedom: The Economic Consequences of Emancipation

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Cambridge University Press, Jul 16, 2001 - Business & Economics - 458 pages
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This edition of the economic history classic One Kind of Freedom reprints the entire text of the first edition together with an introduction by the authors and an extensive bibliography of works in Southern history published since the appearance of the first edition. The book examines the economic institutions that replaced slavery and the conditions under which ex-slaves were allowed to enter the economic life of the United States following the Civil War. The authors contend that although the kind of freedom permitted to black Americans allowed substantial increases in their economic welfare, it effectively curtailed further black advancement and retarded Southern economic development. Quantitative data are used to describe the historical setting but also shape the authors' economic analysis and test the appropriateness of their interpretations. Ransom and Sutch's revised findings enrich the picture of the era and offer directions for future research.
 

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Contents

WHAT DID FREEDOM MEAN?
1
The welfare gains associated with emancipation
2
The potential for economic development
7
The record of economic growth
9
The institutional constraints to progress
12
THE LEGACY OF SLAVERY
14
Slave literacy
15
Education and training of slaves
16
The lockin and persistence of cotton overproduction
162
The genesis of debt peonage
164
The profitability of cotton
165
The burden of monopoly
168
THE ROOTS OF SOUTHERN POVERTY
171
The dynamics of southern poverty
176
education
177
land tenure
179

The slave work ethic
19
racism
22
Black education in the postwar period
23
The black artisan and professional in the postwar period
31
THE MYTH OF THE PROSTRATE SOUTH
40
The recovery of the southern economy
41
The withdrawal of black labor
44
Impact of the supply of black labor on agricultural production
47
Impact of the war on the factorlabor ratios
48
The decline in land values
51
THE DEMISE OF THE PLANTATION
56
Black labor in the new system
61
Economic setbacks in 1866 and 1867
64
Black dissatisfaction with the plantation system
65
The disappearance of the plantation
68
Economies of scale in cotton agriculture
73
The concentration of landownership
78
AGRICULTURAL RECONSTRUCTION
81
The rise of tenancy
87
The nature of a sharecropping agreement
89
Alternative share arrangements
90
The choice of tenure
94
Sharecropping and labor control
97
The efficiency of sharecropping
99
White tenants and white farmers
104
FINANCIAL RECONSTRUCTION
106
The failure of the cotton factorage system to revive
107
The reestablishment of southern banking
110
The rural banker
113
The rise of the rural cotton center
116
The reestablishment of southern merchandising
117
The rural merchant as a financial intermediary
120
heir to the cotton factor
125
THE EMERGENCE OF THE MERCHANTS TERRITORIAL MONOPOLY
126
The merchants monopoly over credit
127
The price of credit
128
The merchantsterritorial monopoly
132
The scale of the mercantile operation
137
The appearance of new firms
140
The disappearance of existing firms
142
The successful firm
144
The merchantlandowner and the landlordmerchant
146
THE TRAP OF DEBT PEONAGE
149
The decline in the production of food in the South
151
The increased concentration upon cotton
153
The disappearance of selfsufficiency following the war
156
The impact of the cotton Hen
159
credit
181
Capital formation and economic growth
186
The world market for cotton
188
The Souths link to the national economy
193
The close of the post emancipation era
195
One kind of freedom
198
STATISTICAL APPENDIXES
201
CONSTRUCTION OF INCOME AND WELFARE ESTIMATES 18591899
203
Addendum on the profitability of slavery
212
1879
214
1859 1879
216
OCCUPATIONAL DISTRIBUTION OF SOUTHERN BLACKS 1860 1870 1890
220
1870
224
1890
225
ESTIMATES OF LABOR SUPPLIED BY SLAVE AND FREE LABOR
232
Average number of days worked per year
234
Average number of hours worked per day
235
Relative efficiency of women and children
236
CALCULATION OF INTEREST CHARGED FOR CREDIT IMPLICIT IN THE DUALPRICE SYSTEM
237
The Louisiana surveys
238
The opportunity cost of credit
239
The risk of default
241
Supervisory costs
242
CALCULATION OF FOOD RESIDUALS ON SOUTHERN FARMS 1880
244
Feed grains grown in the South
245
Cornequivalent units
246
Human consumption needs
251
ESTIMATES OF PER CAPITA GROSS CROP OUTPUT 18591908
254
18661908
255
18661908
257
1859
262
Rural population
263
Addendum on rates of growth in the antebellum South
264
DATA APPENDIX
271
DESCRIPTIONS OF MAJOR COLLECTIONS OF DATA GATHERED BY THE SOUTHERN ECONOMIC HISTORY PROJECT
273
1 The Cotton South
274
2 The sample of southern farms in 1880
283
3 Other uses of the manuscript census returns
294
4 The urban South
300
5 The Dun and Bradstreet archives
306
EPILOGUE
317
A BIBLIOGRAPHY OF LITERATURE ON THE SOUTH APPEARING AFTER 1977
347
NOTES
361
BIBLIOGRAPHY
421
INDEX
443
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