Hey guys! Diogenes believes insurance is a scam. For punishment he should have to do with out insurance and put up with total losses when disaster strikes. Or -- what's worse -- spend a few evenings with an insurance agent.
He also believes banking is a scam. He's on solider ground there, but if you have money in the bank, it's not like the bank stole it from you or skimmed it off. You can't say, "I have all this money invested but I should also have it in cash in my pocket or it's not fair." You can't have your cake and eat it too, even if you are the kind of rich cotton planter Diogenes wishes he was.
For that matter, if slave driver Diogenes doesn't actually have ships to take his cotton to market he's going to have to hire some -- and then complain about how the profits he created with his own hands have once again been stolen from him.
Seriously, isn't everybody getting tired of his theory? It takes a lot for a city to rise to economic preeminence. Sometimes not all the factors are present. The idea that a change in the tariff would have made Charleston something like New York is nonsense. For one thing, Charleston never wanted to be like New York. You can read about the contempt Southern planters had for Northern money grubbers.
Beyond that, slave societies had trouble attracting free labor. The also had trouble attracting investment because they were seen as inherently unstable. And wherever unpaid slave labor was available, technology lagged.