The capitalism and slavery debate is among the most significant in world historiography. This essay suggests that its main perspectives still use nation-based approaches and employ analytical categories of classical and neoclassical economics that obscure the very notion of capital. As a result, the material relations of slavery are reduced to the problem of profitability within national or colonial contexts, an approach that depicts the nineteenth-century nexus between slavery and capitalism as a transhistorical one. Against this backdrop, this essay proposes (...) that the rise and fall of slavery can be better understood by examining the changing material composition of capital as well as its equally changing cluster of global circuits. Based on critical value theory, it argues that industrialization consistently reshaped spatial and material relations between town and country, capital and labor, and production and consumption, engendering world geographies of accumulation that both fueled and challenged the reproduction of slave labor in the Americas. (shrink)

This article argues that descriptions of the Black Sea found in the Archaic poets, Herodotus, and later geographers were influenced by commercial itineraries circulated amongst Greek slave traders in the north. Drawing on an epigraphic corpus of twenty-three merchant letters from the region dating between c. 550 and 450 BCE, I contrast the travels of enslaved persons recorded in the documents with stylized descriptions found in literary accounts. This article finds that slaves took a variety of routes into—and out of—slavery, (...) and that fear of enslavement was widely felt even among Greeks. Law courts might have been as important as “barbarian” warfare in ensnaring captives for export, and even slave traders themselves risked enslavement alongside their victims. Reconstructing the travels of individual slaves allows us to pursue a study in the spirit of what Joseph C. Miller has called the “biographical turn” in the study of slavery, privileging the experiences of the enslaved over the accounts of their masters. Although the lands around the distant Black Sea were never the leading source of slaves for Aegean cities, the wealth of primary testimony from the region puts it at the forefront in the history of slavery in ancient Greece. (shrink)

Individuals often deem market transactions in sex, human organs and surrogacy, among others, repugnant. Repugnance norms can be explained by appealing to social-status concerns. We study an exchange economy in which agents abhor consumption dominance: one’s social status is compromised if one consumes less of every good than someone else does. Dominance may be forestalled by partitioning goods into submarkets and then invoking the repugnance norms that proscribe trade across these submarkets. Dominance may also be forestalled if individuals strategically ‘overconsume’ (...) some goods, interpreted as emergent status goods. When equilibria are multiple, there is scope for welfare-enhancing policies that coordinate on status goods. (shrink)

L'historiographie des États-Unis de la fin du xviiie siècle et du premier xixe siècle est caractérisée par l'accent mis sur le rôle essentiel du développement du marché dans la croissance économique. Les différentes écoles s'opposent sur l'importance de l'économie morale non-marchande (ou économie du foyer), et le rythme et l'ampleur de l'intégration des marchés. Pourtant, du fait de la chronologie du développement économique du pays, différente de celle observée en Grande-Bretagne, cette intégration, plus que l'évolution technique, a dans l'ensemble toujours (...) été considérée comme la source première de la révolution industrielle et du capitalisme industriel. Mais la notion même de marché, elle, n'a jamais été critiquée et historicisée. L'article propose un modèle historiquement déterminé de fonctionnement marchand et avance quelques hypothèses sur la transition au capitalisme industriel. (shrink)

Reparations whether to blacks for slavery, or to Indians for land theft, or to settle any number of other conflicts, has an interesting political background. Analysts on the left, who are usually no friend of private property rights, nevertheless rely on this doctrine to support their case for reparations. Those on the right, in contrast, who supposedly defend the institution of property rights, jettison them when it comes to reparations. It is only libertarians, such as the present authors, who both (...) favor private property rights in general, and, also, apply them to the issue of reparations, who are logically consistent. (shrink)

Adam Smith rejected Mandeville's invisible-hand doctrine of 'private vices, publick benefits'. In The Theory of Moral Sentiments his model of the 'impartial spectator' is driven not by sympathy for other people, but by their approbation. The innate capacity for sympathy makes approbation credible. Approbation needs to be authenticated, and in Smith's model authentication relies on innate virtue, which is not realistic. An alternative model of 'regard' makes use of signalling and is more pragmatic. Modern versions of the invisible hand in (...) rational choice theory and neo- liberalism are shown to be radical departures from the ethical legacy of Enlightenment and utilitarian economics, and are not consistent with Adam Smith's own position. (shrink)