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Cotton, Slavery, and the New History of Capitalism with Alan Olmstead and Paul Rhode

Economics Detective Radio

CHAPTER

The Only Way to Get More Output of the New History of Capitalism

A big supply shock, like the cotton supply from the united states being cut off would lead to supply increases in other cotton producing parts of the world. The literature thinks tof there being a backward bending labor supply curve and that the only way to get more output is to have coercion. This was the idea that o g, we need to do things to coerce them to produce more more. And as we say, that law didn't pass. Higher price s led to more of the production going to more production, and more production going to britain.

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