The Atlantic Slave Trade: A tentative economic model

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Abstract
Two necessary conditions for the existence of New World slavery and the slave trade are an acute labour shortage and an elastic supply of coerced labour. Though the former condition has been the mainstay of hypotheses on slavery where high land/labour ratios were viewed as causal determinants, less attention has been given to the role of labour supply responses. This paper joins these conditions in a model which postulates that labour demand stemming from open resource pressures induced a politico–economic supply response in West Africa. The model shows a derived demand for labour evolving over time into a specific demand for slaves as entrepreneurs sought the lowest cost method of expanding the production of agricultural staples. Free and indentured labour were both characterized by inelastic supply, but the supply of slaves was elastic due to factors discussed within a vent for surplus framework. African governments and private traders responded to the new effective demand from the Americas with improved organization which widened the pre-existing market for slaves. The desire for imported goods, with firearms especially significant, plus various technical changes in transport, money, and credit all combined to ensure the further development of the slave trade and the continued maintenance of a longrun elastic supply pattern