State of the Field: A New Historiography for the Old South? Slavery and Capitalism, White Elites and Enslaved Blacks

Abstract

For roughly a decade, historians’ understanding of the antebellum American South has been increasingly influenced by a new burst of scholarship collectively labelled “The New History of Capitalism.” Scholars leading the argument for the New History of Capitalism (NHC) contend with considerable, but sometimes reckless, vigor that the slaveholding South stood on the driving edge of the larger capitalist and imperialist project of the nineteenth century. There is much in these works to recommend an emphasis on capitalism and imperialism as creators of the Old South, certainly as it existed in the late antebellum era, and the region played a large role in the evolution of those two projects. But the core, or rather the heart, of the NHC’s argument places cotton and slavery together as the dominant driving force behind the expansion of both capitalism and imperialism in the nineteenth century world. Yet there are also scholarly cautions that must be acknowledged and even damaging misconceptions and erroneous assumptions that promise to limit the NHC’s influence on the historiography of the Old South over the long term. This new corpus of scholarship characterizes southern slaveholders as acquisitive, expansionist, and possessing a broad ambition for power reaching well beyond their control of enslaved Black people. Collectively, the new NHC literature attempts to radically transform our understanding of the slaveholders’ role in furthering capitalist and imperial designs, not only in the American South but also in other parts of the world. In the NHC’s view, as the South’s slaveholding elite committed itself to pursuing territorial expansion and extending slavery, its aspirations moved beyond mastery and profit toward the building of an empire for cotton and the creation of a truly global economy sustained to a large degree by cotton production in the American South.1 This essay examines the NHC corpus, acknowledging its value, especially as a debating point, but also probes its weaknesses as revealed by existing and contemporary scholarship.