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The Value of the Stock of Slaves

In 1836, cotton from the South accounted for 59 percent of this country’s exports. Effectively, in the run up to the Civil War, our leading export was produced by slave labor. This cotton enriched our country financially and powered us into the modern world. “Whoever says industrial revolution,” wrote the historian Eric Hobsbawm, “must say cotton.”

The men and women who grew this cotton not only enriched through their labor, but through their very flesh. At the onset of the Civil War enslaved black people were valued at $3 billion, more than all the factories, railroads, and the productive capacity of America combined. This wealth was traded throughout the South regularly, and that trade enriched America even further.

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