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Capitalism Slavery
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Capitalism Slavery
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Description
Slavery helped finance the Industrial Revolution
in England. Plantation owners, shipbuilders, and
merchants connected with the slave trade
accumulated vast fortunes that established banks
and heavy industry in Europe and expanded the
reach of capitalism worldwide. Eric Williams
advanced these powerful ideas in Capitalism and
Slavery, published in 1944. Years ahead of its
time, his profound critique became the foundation
for studies of imperialism and economic
development. Binding an economic view of history
with strong moral argument, Williams's study of
the role of slavery in financing the Industrial
Revolution refuted traditional ideas of economic
and moral progress and firmly established the
centrality of the African slave trade in European
economic development. He also showed that mature
industrial capitalism in turn helped destroy the
slave system. Establishing the exploitation
of commercial capitalism and its link to racial
attitudes, Williams employed a historicist
vision that set the tone for future
studies.William A. Darity Jr.'s new foreword
highlights Williams's insights for a new
generation of readers, and Colin Palmer's
introduction assesses the lasting impact of
Williams's groundbreaking work and analyzes the
heated scholarly debates it generated when it
first appeared.