American conquest economic motivation
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Nevertheless, slavery was indispensable to European development of the New World. The combined profits of the slave trade and West Indian plantations did not add up to five percent of Britain's national income at the time of the industrial revolution.
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The answer is "no" slavery did not create a major share of the capital that financed the European industrial revolution. It was only after slavery came to be regarded as an impediment to industrial progress that abolitionists in Europe and the United States succeeded in suppressing the slave trade and abolishing slavery.ĭid slavery create the capital that financed the industrial revolution? In addition, Williams contended that it was economic self-interest, and not moral convictions, that ultimately led to the abolition of slavery. Europe's economic progress, he insisted, came at the expense of black slaves whose labor built the foundations of modern capitalism.
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He maintained that Europeans' conquest and settlement of the New World depended on the enslavement of millions of black slaves, who helped amass the capital that financed the industrial revolution. Its author, Eric Williams, later the prime minister of Trinidad and Tabago, charged that black slavery was the engine that propelled Europe's rise to global economic dominance. Few works of history have exerted as powerful an influence as a book published in 1944 called Capitalism and Slavery.