Macroeconomics of SlaverySlave SalesSlaves were bought and sold freely throughout the antebellum South. Southern law offered greater protection to buyers of slaves than to buyers of other goods, in part because slaves were complex commodities with characteristics not easily ascertained by inspection. Slave sellers were accountable for their statements, required to disclose known defects, and often liable for unknown defects, as well as bound by explicit contract language. Hiring of Slaves Slaves faced the possibility of being hired by their masters as well as being sold. Wage slaves often worked in manufacturing, construction, mining, and domestic services, often working side by side with free people. Both bonded and free laborers faced a legal burden to behave responsibly at work. Yet workplace law differed significantly for the two. Employers were much more liable for injuries to slaves. However, nineteenth-century free workers received at least partial compensation for the risks of the job. While free people had direct employment and contractual relationships with their masters, slaves worked under conditions set by others. Free workers probably could have left or insisted on different conditions or wages. The slaves could not. The law therefore offered substitute protections. However, the powerful interests of slaveholders may also mean that they simply were more successful in shaping the law. MARKETS AND PRICES The market prices of slaves reflect their substantial economic value. In the United States in 1800 the best field workers cost from four to six hundred dollars, in 1850 from thirteen to fifteen hundred dollars, and up to three thousand dollars just before the fall of Fort Sumter. Even controlling inflation... the paper half... could raise and sell, limiting them to corn or raw cotton, for example. In Louisiana, slaves even had under their control a sum of money called peculium. This served as a kind of working capital, allowing slaves to start thriving businesses that often benefited their masters as well. Yet these practices may have contributed to the downfall of slavery, as they gave slaves a taste of freedom that left them wanting more. Profit Estimates Slavery never generated super profits, because people always had the option of investing their money elsewhere. However, investing in slaves offered a rate of return – about 10% – comparable to returns on other assets. However, slave owners were not the only ones to reap rewards. So did cotton consumers who enjoyed low prices and Northern entrepreneurs who helped finance plantation operations..