In the presentation
of his main argument, furthermore, he not only exaggerates the cleavage
between capitalists and laborers, the class consciousness of the two groups
and the rationality of capitalistic purpose, but he falls into calamitous
ambiguity and confusion. The central phenomenon of slavery, says he, is
speculation or the overvaluation of the slave. He thereupon assumes that
speculation always means overvaluation, ignoring its downward possibility,
and he accounts for the asserted universal and continuously increasing
overvaluation by reference to the desire of masters to prevent slaves from
buying their freedom. Here he ignores essential historic facts. In American
law a slave's _peculium_ had no recognition; and the proportion of slaves,
furthermore, who showed any firm disposition to accumulate savings for the
purpose of buying their freedom was very small. Where such efforts were
made, however, they were likely to be aided by the masters through
facilities for cash earnings, price concessions and honest accounting
of instalments, notwithstanding the lack of legal requirements in the
premises. Loria's explanation of the "central phenomenon" is therefore
hardly tenable.
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