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Gene Dattel’s Followers (2)
Gene Dattel
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“As demand for cotton grew, slavery was considered indispensable as a means of maximizing profit for this labor-intensive staple crop. Equally important, as we shall see, slaves could be financed—that is, purchased on credit. In financial parlance this is called leverage. Planters had one objective: increased cotton production. Arguments about the optimum size of a cotton farm are irrelevant because of slavery’s financing characteristic. Simply put, the goal was more cotton, which called for financing the purchase of more land and more slaves. Because a mechanical means of solving cotton’s production needs did not exist until the mid-twentieth century, cotton demanded an endless supply of black bodies as long as the price of cotton permitted financing. The Northerner Frederick Law Olmsted, author of The Cotton Kingdom (1861), attributed slavery’s growth to cotton production that had”
― Cotton and Race in the Making of America: The Human Costs of Economic Power
― Cotton and Race in the Making of America: The Human Costs of Economic Power
“As demand for cotton grew, slavery was considered indispensable as a means of maximizing profit for this labor-intensive staple crop. Equally important, as we shall see, slaves could be financed—that is, purchased on credit. In financial parlance this is called leverage. Planters had one objective: increased cotton production. Arguments about the optimum size of a cotton farm are irrelevant because of slavery’s financing characteristic. Simply put, the goal was more cotton, which called for financing the purchase of more land and more slaves. Because a mechanical means of solving cotton’s production needs did not exist until the mid-twentieth century, cotton demanded an endless supply of black bodies as long as the price of cotton permitted financing. The Northerner Frederick Law Olmsted,”
― Cotton and Race in the Making of America: The Human Costs of Economic Power
― Cotton and Race in the Making of America: The Human Costs of Economic Power
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