Slavery allowed for the accumulation of wealth by European powers from "summary" of Capitalism & Slavery by Eric Eustace Williams
The institution of slavery was not just about the exploitation of labor, but also about the accumulation of wealth by European powers. Slavery provided a cheap and abundant source of labor that allowed European countries to extract resources from their colonies at a minimal cost. The profits generated from these resources were then used to fuel the growth of capitalism in Europe. Slavery enabled European powers to amass vast amounts of wealth through the production of commodities such as sugar, cotton, and tobacco. These commodities were in high demand in Europe and fetched high prices in the market. The labor of enslaved Africans was crucial in the production of these commodities, as they were forced to work long hours for little to no pay. The wealth generated from slavery was not only used to enrich individual slave owners, but also to finance the expansion of European empires. The profits from slavery funded military expeditions, the construction of infrastructure, and the establishment of trading networks. This allowed European powers to assert their dominance over other nations and solidify their position as global superpowers. The accumulation of wealth through slavery had far-reaching consequences for the economies of European countries. The profits generated from slavery were reinvested into various industries, leading to the growth of capitalism and the Industrial Revolution. This economic growth, fueled by the exploitation of enslaved labor, helped Europe become a dominant force in the global economy.- Slavery was not just a moral issue, but also an economic one. The exploitation of enslaved Africans allowed European powers to accumulate vast amounts of wealth, which in turn fueled the growth of capitalism and the expansion of their empires. The legacy of slavery continues to impact the world today, as the wealth accumulated through this brutal institution laid the foundation for the economic dominance of European powers.
