Slavery was an economic institution that served capitalist interests from "summary" of Capitalism & Slavery by Eric Eustace Williams
The institution of slavery was not simply a relic of the past, but rather a fundamental pillar of the capitalist system that emerged in the New World. Slavery was not merely a moral issue, but an economic one that served the interests of the capitalist class. The exploitation of enslaved labor was central to the accumulation of wealth and power for the capitalist elites. Slavery provided a cheap and abundant source of labor that was essential for the profitability of many industries, such as sugar, tobacco, and cotton. The brutal exploitation of enslaved people allowed for the production of goods at a much lower cost, increasing profits for the capitalist class. The economic system of slavery was designed to maximize efficiency and productivity, regardless of the human cost. The profitability of slavery was not limited to the plantation owners, but extended to other sectors of the economy as well. The banking and insurance industries, for example, profited from the financing and protection of the slave trade. The entire economic system was built on the exploitation of enslaved labor, creating a cycle of wealth accumulation that benefited the capitalist class at the expense of the enslaved population. The economic institution of slavery was not a historical anomaly, but rather a deliberate and systematic practice that served the interests of capitalism. The capitalist system relied on the brutal exploitation of enslaved labor to accumulate wealth and power, perpetuating a cycle of inequality and oppression. The legacy of slavery continues to shape our society today, highlighting the enduring impact of capitalism on our economic and social systems.
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