Debt Peonage Re-examined

William W. Brown and Morgan O. Reynolds

The Journal of Economic History, 1973, vol. 33, issue 4, 862-871

Abstract: In a recent Journal article Professors Ransom and Sutch (R & S) suggest “debt peonage” as a broad explanation for the course of southern economic development after the Civil War. They summarize their general thesis in the following three statements:“(1) That because of the readjustments in agriculture and the difficulties in forming new banks under the banking laws, the South was unable to re-establish a viable network of commercial banks to serve her agricultural economy.

Date: 1973
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