Book contents
- Frontmatter
- Contents
- Editors' preface
- Preface
- Acknowledgments
- A note on notes
- PART I AMERICA AND EUROPE: A HISTORY
- PART II THE SOUTH IN SLAVERY AND IN FREEDOM
- 2 The slave plantation in American agriculture
- 3 Slavery and southern economic development: an hypothesis and some evidence
- 4 Labor productivity in cotton farming: a problem of research
- 5 The South in the national economy, 1865–1970
- 6 Capitalism: southern style
- PART III CAPITALIST DYNAMICS OF THE RURAL NORTH
- PART IV THE NORTH: DYNAMICS OF AN INDUSTRIAL CULTURE
- PART V AMERICAN VALUES IN A CAPITALIST WORLD
- ANNEXES
- Index
5 - The South in the national economy, 1865–1970
Published online by Cambridge University Press: 06 December 2010
- Frontmatter
- Contents
- Editors' preface
- Preface
- Acknowledgments
- A note on notes
- PART I AMERICA AND EUROPE: A HISTORY
- PART II THE SOUTH IN SLAVERY AND IN FREEDOM
- 2 The slave plantation in American agriculture
- 3 Slavery and southern economic development: an hypothesis and some evidence
- 4 Labor productivity in cotton farming: a problem of research
- 5 The South in the national economy, 1865–1970
- 6 Capitalism: southern style
- PART III CAPITALIST DYNAMICS OF THE RURAL NORTH
- PART IV THE NORTH: DYNAMICS OF AN INDUSTRIAL CULTURE
- PART V AMERICAN VALUES IN A CAPITALIST WORLD
- ANNEXES
- Index
Summary
With countless variations, two great traditions interpret and evaluate historical trends in the relationship between households and markets: the tradition of most economists, descended from Adam Smith, which views the spread of markets and specialized production as a progressive development, an improvement of resource allocation, an encouragement to advancements in knowledge and progress, and an opportunity for higher standards of living on and off the farm; and the tradition of Marxian writers (though in this American application with a strong Jeffersonian flavor as well), which views the market as an invading, intruding force, a maelstrom that lures or sucks households into its orbit, whirling them in historical circles beyond their control, and permitting no escape. Usually these traditions talk past each other, obscuring the extent to which each one contains elements of truth in describing the same historical developments, and failing to ask why it is that some cases fit one version, some the other.
–Gavin Wright, The Political Economy of the Cotton South, 182The antebellum South was no stranger to the forms of market capitalism; the master/slave relationship existed within a world network of prices and markets. This paradox had formed the essential and peculiar feature of the tropical economies of the New World for two hundred years.
- Type
- Chapter
- Information
- Europe, America, and the Wider WorldEssays on the Economic History of Western Capitalism, pp. 67 - 86Publisher: Cambridge University PressPrint publication year: 1991