Patrick Byrne

@PatrickByrne ↗

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Last Checked March 14, 2023

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Sun Mar 12 11:51:39 +0000 2023

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Patrick Byrne @PatrickByrne

For comparison, the automobile industry reached 5% at its zenith in the early 1970's.Thus, it is definitely fair to say that slavery became a substantial part of US GDP by the time of the Civil War. — PolitiTweet.org

Posted March 12, 2023

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Patrick Byrne @PatrickByrne

At the time of the American Revolution, slavery represented about .5% of GDP. But with the "Cotton Engine" (1793?), slavery became much more profitable, and exploded. As I recall, it grew steadily through the next five decades so that it became about 5% of US GDP. — PolitiTweet.org

Posted March 12, 2023

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Patrick Byrne @PatrickByrne

Along the way, slavery/cotton contributed significantly to broader US progress. Cotton as a commodity was traded on Wall Street, spurring development of capital markets. The cotton was transported to mills in Manchester, England, spurring development of railroads & shipping. — PolitiTweet.org

Posted March 12, 2023