What was an effect of the southern economy being based on agriculture

As soil erosion and exhaustion diminished the availability of cotton land, scarcity and heavy demand forced the price of land and slaves to rise beyond the reach of most, and in newer cotton-growing regions, yeomen farmers were pushed off the land as planters expanded their holdings.

Explanation:

There was great wealth in the South, but it was primarily tied up in the slave economy. In 1860, the economic value of slaves in the United States exceeded the invested value of all of the nation's railroads, factories, and banks combined. On the eve of the Civil War, cotton prices were at an all-time high.