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Was the Korean Slave Market Efficient?

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Author Info

  • Elise S. Brezis

    (Bar-Ilan University, Israel and Minerva Center for Economic Growth, Hebrew University of Jerusalem)

  • Heeho Kim

    (Department of Economics, KNU, Korea)

Abstract

Over the decades, the traditional condemnation of slavery has been based not only on philosophical argumentation and moral values, but also on the conjecture that slavery was inefficient. This position led to one of the most passionate debates in economic history on the efficiency of the US slave market. This question of efficiency has not been analyzed on the slave market in Korea. The aim of this paper is to analyze the efficiency of the Korean slave market by examining the behavior of slave prices during the period 1689-1893. In order to do so, we collected long-run series of slave prices from nationwide surveys of more than 25 public and private historical records. We then tested whether the slave market was efficient using the arbitrage asset equation. We found slavery to have been efficient most of the time.

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Bibliographic Info

Paper provided by Association Française de Cliométrie (AFC) in its series Working Papers with number 09-08.

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Length: 37 pages
Date of creation: 2009
Date of revision:
Handle: RePEc:afc:wpaper:09-08

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Related research

Keywords: arbitrage asset equation; efficient markets; Korea; slave;

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References

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  1. Fenoaltea, Stefano, 1984. "Slavery and Supervision in Comparative Perspective: A Model," The Journal of Economic History, Cambridge University Press, vol. 44(03), pages 635-668, September.
  2. Canarella, Giorgio & Tomaske, John A., 1975. "The Optimal Utilization of Slaves," The Journal of Economic History, Cambridge University Press, vol. 35(03), pages 621-629, September.
  3. Alfred H. Conrad & John R. Meyer, 1958. "The Economics of Slavery in the Ante Bellum South: Reply," Journal of Political Economy, University of Chicago Press, vol. 66, pages 442.
  4. Wright, Gavin, 1975. "Slavery and the cotton boom," Explorations in Economic History, Elsevier, vol. 12(4), pages 439-451, October.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. The efficient allocation of slaves in Korea
    by Economic Logician in Economic Logic on 2009-09-30 14:07:00

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