@JK
i should have been more clear and i apologize for that, but it's fairly clear given the rest of what i was typing i was making a point on economics and slavery, and less focusing on the civil war as a whole. i'll be sure to be more precise next time but as for your other comments:
"The institution of slavery was the literal *backbone* of the Southern economy. You could say it hurt *their* economy. To your economic point, there was no "removal millions of wage earners from markets" at all. Those wage earners never existed. Slaves were CAPITAL, not LABOR. There was no contractual basis for the work done."
well first of all, have you ever heard of the phrase "human capital"? because capital is either human or mechanical. it's a slight differentiation, but it's still important, because machines aren't able to consumer a product.
and i suppose "removal" isn't the right word either, but essentially it's preventing people from entering into the market place, wage or product. the simple fact is that we had seen slave-based systems under Feudalism for YEARS, but nothing really progressed. the reason for this is basic economics, the most competitive and productive producers weren't being selected for, because demand was essentially neutered. thus progress was slow, or didn't come at all. the south's institution was great for a few wealthy individuals, but slowed down overall economic progress. their farming techniques didn't get much better, without outside technologies being brought in. the cotton gin is an example of this, it was developed by Eli Whitney to actually help reduce the number of slaves needed, but because the south had been devoid of technological innovation for years, that one invention actually brought what most historians see as a second wave of industrialization. despite that being in 1793, the south still failed to progress at a fast rate, because the basic competition that is needed to produce innovation was not present in the area.
the south recreated a model of feudalism, and this DID NOT WORK. feudalism made kings rich: yes, but they stunted long run economic growth. this is a fact that even Socialist economists realize: they understand markets, they just would prefer to try to control them.
"That's kind of the point for just about everyone running a business. Limit your costs. It also helps if you can pay employees such a little amount that they become interchangeable and not worth thinking about as human beings. You might be surprised to know that many people out there think this way."
Kuta, you're not listening. you're equating the success of a single plantation, with the overall economic health of the south. these are WILDLY differently things. just because a business is successful does NOT mean the economy is progressing at a healthy rate. i never said slavery wasn't profitable, but news flash, market economics aren't about making a few select individuals wealthy. do you not understand that?
"Or you might not and just say that "The libertarian position is that any agreement between two consenting adults (naturally obeying the non-aggression principle) is legitimate." The point is that things like minimum wages exist so employers cannot take advantage of employees who treat them like SLAVES."
if you're really upset about the industrial/progressive era treatment of workers, then there's a larger list you need to be upset about first:
1. openly corrupt unions, that created a monopoly on labor
2. a deluge of state laws enshrining corporate monopolies
3. the mass amounts of regulation that prevented new businesses from being created
i understand that people got treated horrible back then, and i understand that people are being treated horribly NOW. i actually support a minimum wage (not the Bernie Sanders idiocy, a reasonable one) HOWEVER, it's only a short term fix.
the minimum wage is only necessary because we have a wage market with a surplus of labor, and a shortage of employers. this means the market wages gets driven DOWN.
the solution to this is to increase job growth, best done through allowing competition.
HOWEVER: let's say we create a minimum wage. what will happen:
1. outsourcing will occur
2. to maximize revenue labor will be cut
3. automation will become more fiscally viable and will be invested in over labor
but let's say you are at maximum current potential automation, revenue is on a linear curve, AND all other countries have perfectly matching factor endowments.
IF ALL OF THAT IS TRUE: the minimum wage will have the desired affect of cutting profit margins, and increasing employee earnings.
however, even with this successful policy, the long terms effects are as follows:
1. investors pull out of labor intensive markets when profits are lowered: if you're getting an 8% profit margin from an activity, but min. wage cuts that margin to 5%, you're going to look for a more profitable activity.
2. hiring freezes and lay offs become a LOT more frequent, when employers don't have a profit buffer. if there's a drop in market shares, they could react rashly to what is actually a short term problem. low profits means more volatility in decision making.
there are more problems, but this is WITH the first three conditions of no outsourcing and no more possible automation and a linear revenue curve being met. those three alone occur quite frequently.
this is not to say a minimum isn't necessary, but giant spikes in the minimum wage almost always hurt industries, that employ the most people. this is why we see the highest income inequality and unemployment rates in cities with the highest minimum wages.
the minimum wage should have always been a short term solution, but we still haven't allowed for businesses to flourish, meaning the labor force consistently outmatches the demand for labor at any given time.
the fact that employers like to treat employees badly is because of the uncompetitive industries they reigned over. sadly, socialists like Sanders don't understand economics and if they get their way with a 15$ min. wage, things will only get worse
https://www.dol.gov/whd/industry.htm
here's some work and wage laws, per industry. a flat 15$ federal wage across every state would cause a catastrophe: sorry if i'm not too happy with democrat politics at the moment
i don't like addressing symptoms of the problem forever, we need a market based solution, that will help everyone in the long run. otherwise corporatism and corruption are going to continue to run rampant in the US