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As long as the US remained a united country, the Northern textile mills and English ones benefited from the lower cost of cotton due to the use of slave labor. The fallacy of this situation was spoken about by economist Adam Smith. He believed that capital was wasted by continuing the institution of slavery. Slave owners continued to base their future on cotton and tobacco.
Clearly, the institution of slavery was an empty promise of prosperity. Capital could have been more productively placed, for example in New Orleans and Mobile Alabama on shipbuilding. The Southern focus on slave driven plantation economies left no room for diversifying the Southern economy. The elimination of slavery and an economy based on paid labor, in the long run, and not that long either,would have allowed a more robust and diversified Southern economy.
There is no doubt that the short sighted political and financial leaders hindered the economic growth of the South.
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