Capitalism And Slavery

For over 2,000 years, slavery has been conducted in various parts of the world. From year 1500 to year 1900, Europeans stole individuals from West Africa, West Central Africa, and Southeast Africa and shipped them to the different parts of the Atlantic. This process dehumanized them of their identity. Europeans stole husbands, wives, merchants, blacksmiths, farmers, and even children. They removed them from their homelands and gave them new names: slaves. European slaveholders never thought to take ownership of their actions by killing humans with brutality and degradation. Slave trade was considered popular in England and soon after more countries began the process of taking slaves to newly claimed territories. These countries include

The topic I have chosen to discuss related to the last 400 years in Western Civilization is the industrial revolution in Britain. The industrial revolution was what created the modern capitalist system. Britain was the first to lead the way in this huge transformation. Technology changed, businesses, manufactured goods, and wage laborers skyrocketed. There was not only an economic transformation, but also a social transformation. The industrial revolution is such an interesting subject to further explore, because it truly made a difference in Britain in the late 1700s. The industrial revolution brought an increased quantity and variety of manufactured goods and even improved the standard of living for some individuals, however, it resulted in grim employment and living conditions that were for the poor and working classes. The industrial revolution had a bright and dark side to it. It was dark due to all the horrible working conditions, crowded cities, unsanitary facilities, diseases, and unsafe work environment, but the bright side is that it was a period of enormous social progress.

Capitalism was the sole purpose for being the cause of an exponential use of slaves in all aspects of production. Notably, it involved an economic system whose basis originates from private ownership of all the means of production as well as the production of goods and services majorly meant for profit. With characteristics such as accumulation of capital, labor, private property ownership, and competitive market. Therefore, there was a great need for means of production hence slavery. However, there is a close relationship between free and slave labor as used in production. The paper uses “Capitalism and Slavery” (William, 1961) as a primary source material to compare the profitability of free labor and slave labor through an in-depth discussion of the role the African slavery played in the development of capitalism in the New World. Free labor and slave labor both have profits in the production process and would be applied differently at various places. For instance, slave labor was profitable in activities in which little skills and versatility in production process were required. It is worth noting that, the use of slave labor to cultivate a fresh soil is more profitable than the use of free men in the cultivation of an exhausted land. However, the use of slave labor was the option at the earlier stages of development of colonies, although slaved labor was unskillful, given reluctantly, and lacks versatility (Eltis, 2000). Moreover, use of slave labor were not moral but

Was slavery an economic engine for the Southern economy before the Civil War? Men like Senator and businessman James Henry Hammond would say yes immediately without a second thought. People like Hammond believed that slavery in these times were critical to the growth of the southern economy. They made points such as that agricultural sales were a main percentage of business in the south and with the large area of fertile land that slave ownership was a necessary evil. Along with those, the decades preceding the civil war, the north began to industrialize, which in turn created a large demand for cotton, which was heavily supported by slavery. Not only was slavery a supporting crutch for the immense cotton market, but also slave trade proved to be a highly profitable market of his own. Finally, from the perspective of a plantation owner as a business enterprise, owning slaves proved to be most effective by implementing business strategies, much like Henry James Hammond’s. Without slavery, small planters would have been unable to make a steadfast profit, leaving the cotton industry to rely on large plantation owners who would mainly invest their fortune in British luxurious imports, instead of diversifying and reinvesting in schooling or infrastructure. I personally believe that James Henry Hammond and others were correct, with exception to my ethical beliefs, that slavery was a key factor in the growth and preservation of

Slavery played a crucial role in financing the Industrial Revolution in Britain. The plantation owners and the merchants linked with the slave trade and slavery and used it to amass vast fortunes that later grew to reach capitalism globally. In 1944, Eric Williams came up with great ideas on capitalism and slavery. According to Eric Williams, the decline of the British West Indies occasioned the

Africans also worked in silver, gold, copper, and bronze. Lastly, internal slave trade played a role in the economy. Slaves represented a small part of the total value of African exports (Klein 56).

Eric Williams is an important black intellectual who had witnessed documented and analyzed African slavery in America firsthand. His book “Capitalism and Slavery” has created an impact that has a lasting affect even today. His book addresses two theory. The first being that the institution of slavery and the trade flows it endangered were the catalyst of the industrial Revolution. And second was that the British abolition of their Atlantic slave trade in 1807 by being purely motivated by economics, rather than by humanitarianism. Some argued when William said that the slave complex made an insignificant contribution to the English industrialization, while others said that the slavery was so important to the British economy that abolition was an act of “econocide”. Both maybe right or both may be wrong there is no straight answer for that.

"Capitalism & Slavery," (published by The University of North Carolina Press, 1994) was written by Eric Eustace Williams and first published in 1944. Eric Williams' book, was at the time of its publication, considered years ahead of its time. It should be noted, early on within this report that, literary works on the history of the Caribbean or slavery for a matter of fact, was done by Europeans. In the preface of his book, Williams clearly asserts that his work, "is not a study of the institution of slavery but of the contribution of slavery to the development of British capitalism."1 His work takes an economic view of history, which is at the

Like many others demoralized cultures during the Atlantic Slave trade period, Africans fell victim to the sixteenth century discovery of Columbus' so called "New World." Europeans used the Atlantic Slave Trade to capitalize on Columbus' so called "Discovery." For more than three centuries, the regions of Africa were in a state of destabilization. More than thirty million Africans were taken out of Africa and put in the Americas and surrounding countries.

This paper will question the relationship between Slavery and Capitalism, and the extent to how dependent Capitalism was on slavery. Chattel slavery first arrived to America in 1619 and from there the business just kept on growing. It leads to the invention of the cotton gin and helped push forward the young country into the developed powerful nation it is now. This can be gained from the readings from Bailyn, Beverly, the Declaration of Independence, and other works that show not only how profitable slavery was, but also how important it was to the development of America as a country.

Liverpool's Slave Trade as a Centre of a Global Commerce and an Important Factor in British Economic Growth

By the time that the slave trade had been abolished in Britain and her colonies in 1807 eleven million men, women and children had been snatched from their homes. For historians understanding the factors that led to the abolition of the trade remains an important task. Whilst there is clearly a consensus on the main factors that led to this seismic and historic event there is obviously a difference in opinion on the most important due to the degree of subjectivity the question poses.

Slavery went through many changes during the course of the Industrial Revolution. At the beginning of the Industrial Revolution, slavery on plantations that had developed in the Renaissance continued to grow in the Americas. With the success of the plantations in America, what is known as the triangular trade began to form, and this trade majorly affected the world’s economies and

Williams’s thesis has gained some critics over the years. David Richardson said that the thesis is presented broadly and in sweeping terms . He continues by demonstrating that Williams failed to justify profits being made came from the sugar trade only or it was a combination of the triangular trade and bilateral colonial traders . Two historians McCloskey and Thomas conclude that the probability of trade being the horse power of growth before is in the eighteenth century is low. He also says that the profit levels given by authors such as William Darity are unrealistic and that the return from the slaves was less than 10 percent. Another author, Stanley Engerman look at Williams thesis in both historic and economic principals and he also proposes that William did does not explain wether the industrial revolution was financed solely by the slave trade or it was rather generated by the entire plantation of the economic system . He then says that there may be a possibility that only a small portion of the slave trader’s profits was derived from the slave trade. Stanley explains that there might

Labor exploitation was the key for the effectiveness of european expansion in the new world and define slavery as a principal component for global capitalism until it was not longer profitable. The atlantic slave trade influence europe economic growth and market development to rapidly spread through the atlantic trade. It was a intense dependence on the triangular trade that made merchants made big profits at the expense of the exploited labour abroad. Merchants were involved in all three sides of the triangle trade that allowed the transportation of slaves from Europe to Africa where goods were traded for slaves and then those slaves were brought to the Americas for the cultivation food crops and other raw materials; these later were brought back to Europe, Africa and the Americas to be sold. Resistance and revolts against the trade of slave was stronger in African areas where european demographic power was lower but “It was not until 1780s that increasing european along the west of africa coast finally drove up the price of slaves” and the overproduction of sugar in the caribbean and other raw materials lead the fall in the selling price of these products (shillington p181) european nations began to question whether the trade was still profitable or not. Britain was the first to completely abolished slavery in 1834 when manufactures found european labor in factories more efficient and less expensive than plantations. It was follow for the french colonies 1848, Cuba in