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Reconciling Reversal of Fortune in early United States Development within a Unified Growth Framework

Author

Listed:
  • Chi Pui Ho

    (Faculty of Business and Economics, The University of Hong Kong)

Abstract

This paper attempts to explain demographic-economic development in the Thirteen Colonies/United States during AD1700-AD1860, when slavery was an important feature in the period. This paper models how the use of slaves in production affected long-run productivity. The key hypothesis of the model is that productivity growth is positively related to the fraction of the workforce comprised of free workers, who had property rights over their production. The geographic and political environments in US-South relatively favored the buildup of Black slaves, through the above model mechanism it suffered from slower productivity growth and a reversal of fortune.

Suggested Citation

  • Chi Pui Ho, 2022. "Reconciling Reversal of Fortune in early United States Development within a Unified Growth Framework," Annals of Economics and Finance, Society for AEF, vol. 23(2), pages 341-383, November.
    • Handle: RePEc:cuf:journl:y:2022:v:23:i:2:ho
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    More about this item

    Keywords

    Reversal of fortune; Unified Growth Theory; Transatlantic Migration and Slavery Trade;
    All these keywords.

    JEL classification:

    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • O50 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - General
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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