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The translation is as follows:

By the beginning of the 20th century, slavery had been basically eliminated in the world. Slavery, as a human system, exists on its reasonable side? Slavery studied by economists is a good example of the origin, development and demise of this system.

Why was slavery finally abolished? This is because with the economic development and social changes, the cost of protecting slavery has increased, that is, the institutional cost has increased. Just like in the southern United States, slaves have long been synonymous with blacks. Most free people don't have to worry that white people will become slaves, because slaves are black because of different skin colors; Even if slaves escape, they are easy to be found and captured. However, as a free black, it is increasingly difficult to distinguish between freedom of the press and the color of slaves. As a result of the increase in the cost of protecting slavery, the net income has decreased accordingly. From the rise and fall of slavery, it can be seen that any system will not last long if its operating cost is too high. If barzel says that if a private person asks the state to protect their specific behavior, the cost of protection exceeds the value that the private person gets from it, then the state will ban such behavior.

Slavery may not be a good system, but it used to be an efficient system. In his book Hard Times: American Slavery Economics, vogel proposed that serfdom was a very effective institutional factor for the economic development of the South before the war only from the economic point of view. Because the measurement results show that:

1, far away in the south, the income from buying serf investment is much higher than that from investing in manufacturing;

2. The economies of scale, effective management and large investment of labor and capital of plantations in the south make the crop production efficiency in the south 35% higher than that in the north;

3. Compared with the white people engaged in farming, black slaves are more diligent and productive;

4. The hard work and efficiency of slave laborers in southern cities in industrial production are no less than those of freemen. The fact that the demand for slaves in urban areas is higher than that in rural areas shows that serfdom and industrialization can coexist harmoniously.

5. The material living conditions and treatment of slaves are not as bad as people think. In a slave's life, 90% of the production belongs to him.

6. Before the civil war, the economy in the south did not decline, but the growth rate of per capita income in the south was much higher than that in the north. Mark. Borlaug thinks this is "probably the most controversial book in American history".

Therefore, no matter how to evaluate slavery today, it is of great significance to analyze the process of its emergence, development and demise from a rational perspective and find a good source for the human system.