Trade Restrictions and Factor Prices: Slave Prices in Early Nineteenth Century US
AbstractTrade restrictions impact factor and commodity prices in very predictable ways according to international trade theory. We use a new data set to explore the direct effect on the price of slaves that resulted from legislation prohibiting the importation of slaves after January 1, 1808. Prohibition of the importation of slaves increases the average price of slaves as one would anticipate. Moreover, we find that the price of a female slave of childbearing age increases more than the price for older female slaves. The price of adolescent female slaves, ages 10 to 14, increased more than the price of an adult male slave as a result of the ban on importation of slaves. We also assess the impact of the embargo of 1807 and the ensuing War of 1812 on the price of slaves as the intensive factor input in the production of cotton, rice and tobacco, goods that were severely impacted by the reduction of exports to Britain and continental Europe during this period.
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Bibliographic InfoPaper provided by Vanderbilt University Department of Economics in its series Vanderbilt University Department of Economics Working Papers with number 0521.
Date of creation: Aug 2005
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Web page: http://www.vanderbilt.edu/econ/wparchive/index.html
Factor prices; trade barriers; slavery;
Find related papers by JEL classification:
- N71 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - U.S.; Canada: Pre-1913
- F16 - International Economics - - Trade - - - Trade and Labor Market Interactions
- N31 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: Pre-1913
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-09-29 (All new papers)
- NEP-HIS-2005-09-30 (Business, Economic & Financial History)
- NEP-INT-2005-10-04 (International Trade)
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- Ashley N. Coleman & William K. Hutchinson, 2006. "Determinants of Slave Prices: Louisiana, 1725 to 1820," Vanderbilt University Department of Economics Working Papers 0624, Vanderbilt University Department of Economics.
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