Was the Korean slave market efficient?
AbstractOver 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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 14735.
Date of creation: Mar 2009
Date of revision:
arbitrage asset equation; efficient markets; Korea; slave;
Other versions of this item:
- N35 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Asia including Middle East
- N00 - Economic History - - General - - - General
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Wright, Gavin, 1975. "Slavery and the cotton boom," Explorations in Economic History, Elsevier, vol. 12(4), pages 439-451, October.
- 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.
- 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.
- 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.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- The efficient allocation of slaves in Korea
by Economic Logician in Economic Logic on 2009-09-30 14:07:00
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).
If references are entirely missing, you can add them using this form.