Capitalism and Slavery

Capitalism and Slavery by Eric Williams is a ground-breaking, paradigm-shifting work that examines the intricate and deeply intertwined relationship between transatlantic slavery, the development of capitalism, and the emergence of racism. This seminal 1944 study traces the rise and fall of the Atlantic slave trade throughout the eighteenth and nineteenth centuries, highlighting its pivotal role in the establishment of Britain's economic supremacy and the Industrial Revolution.

Williams meticulously argues that the slave trade was not merely a peripheral economic activity but was paramount to Britain's economic ascent. He elucidates how vast profits from slavery and the plantation economy fuelled Britain's industrial and commercial expansion, laying the foundational blocks for modern capitalism. Williams contends that as slavery became less profitable and more politically contentious, economic expediency dictated its abolition, thereby dispelling the myth that emancipation was primarily driven by moral progress.

Throughout Capitalism and Slavery, Williams analyses how racism was systematically constructed to justify the exploitation and dehumanisation of African slaves, offering an incisive look into how socio-economic interests shape societal ideologies. His examination exposes the stark realities of how an immoral economic agenda gave rise to deeply entrenched racial prejudices that continue to reverberate through modern history.

This landmark study has effectively influenced generations of historians and scholars, prompting a re-evaluation of the origins and ramifications of slavery and racism. As Seymour Drescher articulates, "If one criterion of a classic is its ability to reorient our most basic way of viewing an object or a concept, Eric Williams's study supremely passes that test." Similarly, the New Yorker notes, "Its thesis is a starting point for a new generation of scholarship."

Capitalism and Slavery remains a pivotal academic work that challenges established narratives and offers a profound understanding of the economic underpinnings of slavery, the ruthless calculations behind its abolition, and the enduring legacy of racism it fostered. This book is essential reading for anyone seeking to comprehend the complex historical forces that have shaped the modern world.