Econ 210a: Memo Question for February 2, 2011

Econ 210a: Memo Question for February 2, 2011:

Adam Smith confidently predicted that slavery was on its way out for economic reasons. In commercial society, manumission would be the rule because the carrot of working for yourself is much more efficient than the stick of being whipped by others. Was Smith right? If you conclude he was wrong, why was he wrong?