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Having lost their enormous investment in slaves, white planters had minimal capital to pay freedmen workers to bring in crops. As a result, a system of sharecropping was developed where landowners broke up large plantations and rented small lots to the freedmen and their families. The South was transformed from a prosperous minority of landed gentry slaveholders into a tenant farming agriculture system.
http://en.wikipedia.org/wiki/Reconstruction_era_of_the_United_States