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Slavery provided cheap labor for European capitalists from "summary" of Capitalism & Slavery by Eric Eustace Williams

Slavery, as an institution, played a fundamental role in the development of capitalism in Europe. The exploitation of enslaved Africans provided European capitalists with a cheap source of labor that was essential for the growth of their economies. The transatlantic slave trade not only supplied labor for the production of commodities like sugar, cotton, and tobacco but also generated immense profits for European merchants and investors. The system of slavery enabled European capitalists to accumulate wealth and expand their enterprises on a massive scale. The forced labor of enslaved Africans allowed for the production of goods at a fraction of the cost compared to free labor. This economic advantage gave European capitalists a competitive edge in the global market, allowing them to dominate trade and amass enormous fortunes. Furthermore, the exploitation of enslaved Africans was not limited to their labor but extended to their bodies as commodities. Enslaved people were viewed as property that could be bought, sold, and traded for profit. The brutal conditions endured by enslaved Africans, including long hours of hard labor, inadequate food and shelter, and physical abuse, were all in service of maximizing the profits of European capitalists. The profits derived from slavery helped fuel the industrial revolution in Europe, providing the capital needed to invest in technological advancements and infrastructure. The wealth generated from the labor of enslaved Africans built the foundations of modern capitalism, laying the groundwork for the economic dominance that Europe would later achieve.
  1. Slavery was the linchpin of the capitalist system in Europe, enabling the accumulation of wealth and power that propelled the continent to global supremacy. The exploitation of enslaved Africans for labor and profit was a cornerstone of European economic success, shaping the course of history and leaving a legacy of inequality and injustice that persists to this day.
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Capitalism & Slavery

Eric Eustace Williams

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