Economics 210a: Fall 2006: Memo Question for November 1

ECONOMICS 210A: MEMO QUESTION FOR November 1: Agriculture and Forced Labor in Early Modern Growth

Adam Smith confidently predicted that slavery was on its way out for economic reasons. In commercial society, manumission would be the rule because the carrot of working for yourself is much more efficient than the stick of being whipped by others. Was Adam Smith right? If you conclude he was wrong, why was he wrong?