The profitability of the slave trade fueled capitalism from "summary" of Capitalism & Slavery by Eric Eustace Williams
The foundation of modern capitalism was built upon the exploitation of enslaved people. The profits reaped from the slave trade were instrumental in shaping the economic structures that continue to influence our world today. As Eric Williams argues in "Capitalism & Slavery," the wealth accumulated through the buying and selling of human beings played a crucial role in fueling the growth of capitalism as we know it. The transatlantic slave trade was not just a peripheral aspect of the capitalist system; rather, it was a central pillar upon which the entire edifice was constructed. The massive influx of wealth generated by the forced labor of enslaved Africans directly contributed to the accumulation of capital that drove industrialization and economic expansion in Europe and the Americas. The profits derived from the slave trade were invested in industries such as textiles, banking, and shipping, laying the groundwork for the emergence of modern capitalism. The profitability of the slave trade was not confined to the merchants and planters directly involved in the buying and selling of enslaved people. It reverberated throughout the entire economy, enriching a wide range of industries and individuals. The financial institutions that facilitated the financing of slave voyages, the manufacturers that supplied goods f...
Similar Posts
Slavery dehumanized both the enslaved and the enslavers
The institution of slavery had a profound impact on both the enslaved individuals and those who held power over them. The dehum...
Capitalism necessitated the exploitation of enslaved labor
Eric Eustace Williams, in his influential work "Capitalism & Slavery," presents a compelling argument that capitalism, as an ec...