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Impact Of The Transatlantic Slave Trade

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The transatlantic slave trade played a pivotal role in European nations and greatly impacted the economy financially. The transatlantic slave trade also known as the triangular trade was the network of three continents where men, women and children of African background were enslaved and deported from their homes. The trade itself had three steps. Ships with goods left Western Europe to leave to Africa where they exchanged them for slaves. Goods would include of weapons, gunpowder, textile pearls and other manufactured goods. Exchange of these goods for slaves could take a week to several months. Then Africans were transferred to America where they were sold there for goods including rice, tobacco and cotton. This trade route has been…show more content…
Which resulted in the majority of slaves employed in the sugar district. Plantations like sugar, cotton and coffee were labour intensive and required slaves which advantaged Europe as more cheap labour would be more goods that could be sold into the marketplace.

Due to the end of the slave trade, the Europeans had insignificant hurdles to overcome as slavery played a crucial role to the economy to the local regions. Midst the 18th Century, slaves were an essential asset of agricultural products as they were the main source of labourers. Due to the end of the slave trade costs in production increased which derived for a higher cost for the same goods in the market. (Anstey 1975,p.34) This heavily impacted Europe as slavery played a central role in the prosperity of economy which made things difficult in Europe.

The Slave trade also affected the British economy in an number of ways. (Hardy 2006) The cotton mills in Britain where the trademark of the “industrial revolution” which turned to cheap slave produced cotton from the New world as it was hard to purchase at the same price anywhere else. The British were also able to attain sugar through cheap slave produced goods. The British economy was able to expand due to the profits of the slave trade. Other factors that also impacted the British economy was the advancement in technology, agriculture, textile and the stability of political institutions. “It
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