Summary of Capitalism & Slavery

Capitalism & Slavery, written by Eric Williams, is an examination of the role of slavery in the growth of modern capitalism. Williams traces the evolution of the transatlantic slave trade from its origins in the medieval world, to its emergence as a distinct Atlantic system by the seventeenth century. He shows how a combination of economic, political, and ideological factors led to the expansion of slavery and its centrality to the development of capitalism. Williams championed the thesis that profits derived from slavery and slave-produced commodities played a major role in the development of industrial production and capitalism in Europe and the United States. He argued that the profits of the trade contributed significantly to initial industrial investment in Britain and provided a vital stimulus for economic development in the Caribbean and the Dutch colonies of North America. He concluded that the slave-based plantation system provided the necessary capital and labor for industrialization, and that this form of exploitation had been central in helping to create the world market system.