David: You are trying to compare apples with oranges, or at the very least, apples with PCs. Immigration to the south wasn't depressed by slavery, it was depressed because the nature of the Confederate economy (and this included FAR more than simply slavery) was unsuitable for mass immigration. Industrial development was quite limited in the south, thus depriving immigrants of a ready job market, farmland was more limited (not simply plantations, even in plantation-sparse states, rich farmland was more limited than the north and midwest), and economic mobility was restricted. Certainly slavery exacerbated these characteristics, but it didn't cause them. Add to this the differing social structures in both regions (the south didn't exactly prize social mobility), and it becomes clear that immigration was tied to factors that had far more to do with the differing makeup of both regions than simply the existence of slavery.
There is no question that slavery affected the economic development of both regions differently, but it isn't entirely clear that it was inefficient or even deleterious to the south. Northern industrial efforts were heavily subsidised by tariffs, and the little matter of cotton exports (a huge money-maker pre-1860) seems to be ignored quite often. Agricultural productivity was higher in the MIDWEST than in the south, but certainly not in New England or the Middle Atlantic states. Southern crops had seriously limited yields outside of their geographic 'homes' though, and this, more than anything else, would have been disastrous for the south in the long run. For instance, there were numerous COUNTIES in Georgia that produced more cotton than the entire state of Texas, and outside of the existing Confederacy, it is difficult to find any other good cotton-growing prospects. Indigo (sp?) and sugar were a bit easier, but even these high-value crops weren't going to be able to compete with the vast food output from the midwest over time.
Regarding slaves and investment, you stand on firm ground. Slaves represented something on the order of 2 billion dollars in real property in 1860, a staggering percentage of the total value of real property in the south at the time. On the other hand, slaves tended to be concentrated in larger plantations, which were not the bulk of the holdings in the south. One of the more interesting untold stories of the pre-war south was the huge white underclass, smallholders and the like who did not own slaves, and were astonishingly UNPRODUCTIVE farmers as well. These smallholders never improved their efficiency or moved into manufacturies or trade, as did their cousins in the north. They also didn't invest in slaves, so this couldn't be a factor...perhaps it was cultural?
There is no question that slavery affected the economic development of both regions differently, but it isn't entirely clear that it was inefficient or even deleterious to the south. Northern industrial efforts were heavily subsidised by tariffs, and the little matter of cotton exports (a huge money-maker pre-1860) seems to be ignored quite often. Agricultural productivity was higher in the MIDWEST than in the south, but certainly not in New England or the Middle Atlantic states. Southern crops had seriously limited yields outside of their geographic 'homes' though, and this, more than anything else, would have been disastrous for the south in the long run. For instance, there were numerous COUNTIES in Georgia that produced more cotton than the entire state of Texas, and outside of the existing Confederacy, it is difficult to find any other good cotton-growing prospects. Indigo (sp?) and sugar were a bit easier, but even these high-value crops weren't going to be able to compete with the vast food output from the midwest over time.
Regarding slaves and investment, you stand on firm ground. Slaves represented something on the order of 2 billion dollars in real property in 1860, a staggering percentage of the total value of real property in the south at the time. On the other hand, slaves tended to be concentrated in larger plantations, which were not the bulk of the holdings in the south. One of the more interesting untold stories of the pre-war south was the huge white underclass, smallholders and the like who did not own slaves, and were astonishingly UNPRODUCTIVE farmers as well. These smallholders never improved their efficiency or moved into manufacturies or trade, as did their cousins in the north. They also didn't invest in slaves, so this couldn't be a factor...perhaps it was cultural?