The vicious circle turned out to be stronger than many, including Abraham Lincoln, had thought. The vicious circle is based on extractive political institutions creating extractive economic institutions, which in turn support the extractive political institutions, because economic wealth and power buy political power. When forty acres and a mule was off the table, the southern planter elite’s economic power remained untarnished. And, unsurprisingly and unfortunately, the implications for the black population of the South, and the South’s economic development, were the same.
