Skip to main content Accessibility help
×
Hostname: page-component-5c6d5d7d68-thh2z Total loading time: 0 Render date: 2024-08-06T11:21:26.430Z Has data issue: false hasContentIssue false

5 - The South in the national economy, 1865–1970

Published online by Cambridge University Press:  06 December 2010

William N. Parker
Affiliation:
Yale University, Connecticut
Get access

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, 182

The 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 World
Essays on the Economic History of Western Capitalism
, pp. 67 - 86
Publisher: Cambridge University Press
Print publication year: 1991

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×