Recent historians have rejected the Beardian thesis. But their economic determinism has influenced subsequent historians in important ways. Time on the Cross: The Economics of American Negro Slavery (1974) by Robert William Fogel (who would win the 1993 Nobel Memorial Prize in Economic Sciences) and Stanley L. Engerman, wrote that slavery was profitable and that the price of slaves would have continued to rise. Modernization theorists, such as Raimondo Luraghi, have argued that as the Industrial Revolution was expanding on a worldwide scale, the days of wrath were coming for a series of agrarian, pre-capitalistic, "backward" societies throughout the world, from the Italian and American South to India. But most American historians point out the South was highly developed and on average about as prosperous as the North.