Slave prices in fact, whether in ancient
Rome or in modern America, advanced disproportionately to the advantage
which the owners could derive from the ownership. "This shows that an
element of speculation enters into the valuation of the slave, or that
there is a hypervaluation of the slave. _This is the central phenomenon of_
_slavery_; and it is to this far more than to the indolence of slave labour
that is due the low productivity of slave states, the permanently unstable
equilibrium of the slaveholding enterprise, and its inevitable ruin." The
decline of earnings and of slave prices promotes a more drastic oppression,
as in Roman Sicily, to reduce the slave's _peculium_ and continue the
prevention of his self-purchase. When this device is about to fail of its
purpose the masters may foil the intention of the slaves by changing them
into serfs, attaching the lands to the laborers as an additional thing to
be purchased as a condition of freedom. The value of the man may now
be permitted to fall to its natural level. Finally, when the growth of
population has made land so dear that common laborers in freedom cannot
save enough to buy farms, the occasion for slavery and serfdom lapses.
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