I keep hearing arguments about how Southern slavery would have eventually fizzled out because it simply wasn't economically viable, and so the slaveholders needed to expand slavery to prevent it from dying. This doesn't make much sense. In purely economic terms, chattel slavery seems perfectly viable; you're basically taking a segment of the population and removing their right to be paid or have proper working conditions. The slave household as an economic agent consumes less food, clothing, and shelter, and provides specialized labor on a much more massive scale than a regular workforce. Imagine the total GDP of a slave economy vs a capitalist economy.
Plus, the slaveholding society has fewer social problems itself, because there isn't any incentive to exploit other citizens when you have a large pool of slaves to draw from. I'd imagine the wealth gap would be largely eliminated.
Plus, the slaveholding society has fewer social problems itself, because there isn't any incentive to exploit other citizens when you have a large pool of slaves to draw from. I'd imagine the wealth gap would be largely eliminated.