**The Economic Geography of American Slavery**

"_We find that the economic impacts of emancipation are substantial, generating welfare gains for the enslaved of roughly 1,200%, while reducing welfare of free workers by 0.7% and eliminating slaveholder profit. Aggregate GDP rises by 9.1%, with a contraction in agricultural productivity counteracted by an expansion in manufacturing and services driven by an exodus of formerly enslaved workers out of agriculture and into the U.S. North._"

Treb Allen, Winston Chen, and Suresh Naidu, "The Economic Geography of American Slavery," NBER Working Paper 34356 (2025), https://doi.org/10.3386/w34356.

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