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| Adam
Smith is best known for his influential work, The Wealth of Nations,
in which he argues for a free market economy. Published in 1776, this work
endorsed an anti-slavery perspective based on economic principles. Smith
thought that slavery was not economically viable: |
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the experience of all ages and nations, I believe, that the work done
by free men comes cheaper in the end than the work performed by slaves.
Whatever work he does, beyond what is sufficient to purchase his own
maintenance, can be squeezed out of him by violence only, and not
by any interest of his own. (36) |
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| Smith
believed that the best economy was one in which each individuals act freely
with no government interference. The idea was that having complete freedom
created competition, which would then keep prices down while product quality
remained high. Slavery created an inefficient market in that slave owners
were forced to purchase and maintain slaves year after year since slaves
had a very high mortality rate. The cost of purchasing slaves was then passed
on to the common consumer. This cost could be avoided by switching to a
wage-labor economy and providing decent working conditions for blacks. For
example, it would be cheaper to pay blacks a low wage and not provide them
with food, housing, or clothing than to continually buy new slaves and provide
for them. |
Return to the
economics debate.
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