Factors, Bankers, and Masters: Class Relations in the Antebellum South

Author:

Feiner Susan

Abstract

The paper will show how the Marxian concept of class can be applied to the processes of slavery in the American antebellum South. The use of the notion of classes, and particularly the reconceptualized concepts of fundamental and subsumed class processes, provides an alternative to the received non-Marxian categories of plantation capitalism and planter hegemony. These concepts are developed and applied to Southern class conflicts over both state banking and national monetary policy. Competition among various classes is shown to have had significant influences on the nature of these conflicts.

Publisher

Cambridge University Press (CUP)

Subject

Economics, Econometrics and Finance (miscellaneous),Economics and Econometrics,History

Reference14 articles.

1. Planter and Cotton Factor in the Old South, Some Areas of Friction;Haskins;Agricultural History,1955

2. Feiner Susan , “The Financial Structures and Banking Institutions of the Antebellum South, 1811–1832” (Ph.D. diss., University of Massachusetts, 1981), pp. 129–32.

3. Although I have listed primarily economic conditions of existence, there were also many political and cultural conditions of existence of the slave fundamental class process. Some of the political conditions of existence included the rights to private property in human beings as well as a state that could enforce and protect these rights. Some of the cultural conditions included practices associated with displaying the accouterments of civilized life, such as filled wine cellers and charming spouses to ornament the balls, soirées, picnics, and foxhunts of the Southern gentleman's life style.

4. The owners of human chattel property need not be the same persons as those who extract from human chattel property. When and if membership in the subsumed class of owners is conjoint with membership in the fundamental class, then the direct extractors make chattel available to themselves from their position as subsumed owners. In this case they pay themselves an implicit rent for securing their own conditions of existence. When these positions are not conjoint, then masters pay explicit rents to subsumed chattel owners. The payment of these rents represents a transfer of a portion of the slave surplus to subsumed chattel owners. In the American antebellum South the practice of slave-hiring exemplifies the flow of surplus to subsumed owners of chattel in exchange for securing conditions of existence.

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