Capitalism & Slavery

by Eric Williams, Colin A. Palmer (Introduction)

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.

In a new introduction, Colin Palmer assesses the lasting impact of Williams's groundbreaking work and analyzes the heated scholarly debates it generated when it first appeared.

Genres: History, Nonfiction, Economics, Politics, Race, Africa, Sociology

307 pages, Paperback

First published January 1, 1944

About the author

There is more than one author with this name.
Eric^^Williams

Eric Eustace Williams TC CH was a Trinidad and Tobago politician who is regarded by some as the "Father of the Nation", having led the then British Colony of Trinidad and Tobago to majority rule on 28 October 1956, to independence on 31 August 1962, and republic status on 1 August 1976, leading an unbroken string of general elections victories with his political party, the People's National Movement, until his death in 1981. He was the first Prime Minister of Trinidad and Tobago and a noted Caribbean historian, especially for his book Capitalism and Slavery.

Reviews

[George Roper · Rating 5 out of 5]

You will hear it often said that British West Indian (BWI) slavery was ended because it was no longer profitable for the slave owners. That assertion always seemed paradoxical to me. Eric Williams explains in a logical, dispassionate and cogent manner the real truths, which are this:
1) BWI slavery was instituted to meet the needs of the mercantile impulses of the 17th century (which reached their peak in the 18th century). In the end, commercial considerations also played a major part in its demise;
2) BWI slavery was not dismantled by the British government simply to appease the humanitarians and to salve the national conscience bruised from being a participant in a brutal system responsible for the death of scores of innocent souls. Rather the dismantling of BWI slavery was caused by the amalgamation of several forces - humanitarianism not excluded. One important force was the rise of modern capitalism - Adam Smith's ideal of free trade - and the inconsistency between the principles of laissez faire and the monopoly that was the foundation of the BWI plantation system.
3)The monopoly enjoyed by the BWI planters became unprofitable not to the planter but to the general good of the British economy, especially the new industrialist class. But the planter was a stubborn breed and had political representation - it would not be easy to remove the monopoly the BWI planter enjoyed in selling his sugar to "Mother England" with all outsiders denied access to this market even though French colonial, Brazilian and Cuban sugar (all slave produced) were significantly cheaper. The political means to destroy the monopoly was therefore to destroy the system of slavery in the BWI itself by first abolishing the slave trade, then seeking to ameliorate slavery before totally obliterating the institution itself.
4) Not to be ignored is the impact of slave rebellion and revolt in the colonies, upon hastening the demise of BWI slavery. These and other forms of resistance helped to create a greater sense of urgency in Whitehall with regards to the need to address the emancipation question in the most clear and unambiguous manner possible within the context of the times.

So Williams makes it clear that there is no one single reason for emancipation. His book is well researched, eloquently written and should be read by every Caribbean student of history, economics and finance.

[David Anderson · Rating 5 out of 5]

Slavery was integral to the early development of capitalism, following the period of primitive accumulation of capital. The rise of industrial capitalism would not have been possible without the profits derived from slavery and the slave trade. Williams does a superb job of demonstrating how slavery turned Britain into an economic power. This book illustrates the economic aspects of the international slave trade and who benefited from it, how it contributed to capital formation and where did that capital go in the creation of the industrial capitalism. From the Baring and Barclay families to Lord Nelson's wife, Williams examines the slave trade and how Liverpool and later Manchester saw their economies boom while the "African Trade" created a wealth that transformed poor sailors into great entrepreneurs and generated a "virtuous circle" known as the Triangular Trade that created new markets for British products in Africa and the Caribbean, ultimately triggering a boost in the local industry that helped create the Industrial Revolution. It also brings out the economic reasons for the abolitionist movement, namely, that abolitionists were motivated by free-trade, not necessarily compassion in their opposition to the slave trade. In fact, famous abolitionists like Wilberforce were quite prepared, in the name of free trade, to continue commerce with nations that still practiced slavery after it was abolished in the British West Indies, such as Brazil and Cuba (the new source for sugar) and the southern US (cotton for British textile mills, of course). Williams makes it clear that it was only after the blooming of industrial capitalism that the abolitionist movement came into it's own because slavery had become a fetter upon capitalism's further development, not for any altruistic, humanitarian reasons.

[Morgan Blackledge · Rating 5 out of 5]

Awesome scholarship. It makes ONE point EXTREMELY clear. Colonialism was BIG BIG empire making scale MONEY.
Slavery was the MOST important piece. No slavery, no colonialism, and capitalism can't get off the launchpad. Slavery was rationalized by the advent of modern racism. Where Black Africans were reified as subhuman, and White Europeans were promoted to the master race.

The sugar plantations in the colonies of the West Indies were so BRUTALLY difficult to farm that only enslaved people would do that awful work. The inhuman treatment of American salves was initially developed in the West Indian sugar colonies and exported to the cotton and tobacco plantations of the American south.

As the world became increasingly addicted to cheap sugar, and rum, and later tobacco and cotton. The European and American economies became utterly dependent on these products and the profits they garnered. Racism became the justification for the institutionalized barbarism endemic the slave trade. Capitalism was born with colonialism, racism and addiction in its DNA.

Our current global capitalist way of life is still DEEPLY dependent on exploitation of disenfranchised people and nature. We are entangled. We will live in the legacy of slavery, colonialism and exploitation of nature for as long as capitalism continues to be the dominant social order.

5/5 stars.

[Matthew Ted · Rating 3 out of 5]

65th book of 2022.

Slavery would be killed by kindness.

As Williams says in his conclusion, the 'title 'British Capitalism and Slavery'' would be 'pedantically more accurate', but the characteristics of slavery were universal. A tough read, extremely dense and full of so much information that I doubt I'll remember half of it. The start is incredibly interesting and strong, Williams talks in the abstract about slavery and its roots. Most interestingly is his argument that racism is a product of slavery, not the other way around. The middle of the book is an uncompromising look at the triangular trades, sugar, cotton, and is filled with dates, statistics and figures. Perhaps ignorantly, I was hoping for a more abstract ruminations, but Williams writes the facts, and at times this book felt like a textbook. Maybe that's what it's supposed to be. I can't fault the amount of knowledge and information in here. This is actually a classic text on slavery, originally published in 1944, but Penguin only published it in England for the first time in February this year. Thank you to them for the copy in exchange for a review.

[JRT · Rating 5 out of 5]

“The capitalists had first encouraged West Indian slavery and then helped to destroy it. When British capitalism depended on the West Indies, they ignored slavery or defended it. When British capitalism found the West Indian monopoly a nuisance, they destroyed West Indian slavery as the first step in the destruction of West Indian monopoly.” This passage sums up this classic work by the great Trinidadian historian and statesman, Eric Williams.

This book is an analysis of the economic history of the British colonies, specifically relating to the relationship between colonial enslavement of Africans and the development of British commercial and industrial capitalism. The main thesis is that the rise of industrial capitalism in Great Britain had a dual relationship to colonial enslavement: it was both rooted in it and marked the end of it.

Williams posits that racism grew out of enslavement, not the other way around. He notes that at its core, slavery is an economic system rooted in a desire to maximize profits under specific labor extractive and intensive circumstances (i.e. mass agrarian crop cultivation). In short, Williams situated the origin of African enslavement in the British colonies as an economic necessity (not a racial one), evidenced by the cheapness of procuring African bodies (as opposed to Native Americans and poor whites), the proximity to Africa, and the quality of the labor. While this book is not about the institution of slavery itself, it does trace the onset and development of the enslavement of Africans in the British colonies by detailing the evolution of slave labor—from Indigenous peoples, to poor white “indentured servants,” and finally, to Africans. Williams notes that white servitude in particular laid the groundwork for African enslavement, not only by directly funding British activities in West Africa, but by serving as a blueprint for how to acquire slaves in the first place.

Williams’ description of the centrality of the “triangular trade” to the development of industrial capitalism is fascinating. He described how the crops that African slaves in the West Indies cultivated were the foundation for entire manufacturing and trading industries in England. The triangular trade is also responsible for the development of numerous British cities—Manchester, Bristol, Liverpoole, Glasgow, etc. Profits from the triangular trade also went toward the founding of financial institutions, including banks and insurance companies, thereby underpinning the beginnings of financial capitalism.

Williams spent the latter half of the book explaining how eventually, the British colonial slave trade and British slavery itself was bled dry. It created the foundations for various industries that ultimately did not need the continuation of the trade to survive. Nevertheless, Britain remained dependent on slave produced commodities, just not from its own colonies (Britain began to rely heavily of. Spanish, Portuguese, and American enslavement of Africans in Cuba, Brazil, and the U.S., not to mention, Britain’s ruthless exploitation of India).

Ultimately, changing economic dependencies combined with the breakdown of the colonial plantar’s monopoly power over sugar, led to the economic justification for abolition and eventual emancipation. As Williams explained, the rise and fall of mercantilism tracks the rise and fall of the slave trade and slavery. Mercantilism—and the monopolistic slave-based plantation economics that drove it—ultimately became an impediment to the developing industrial Revolution.

My only criticism of this book is how long it took for Williams to center Black folks as agents of their own emancipation. It wasn’t until the last full chapter that Williams discussed the role of slave revolts, and even then, it wasn’t nearly as in depth as other sections of the book were. Nevertheless, Williams makes clear that African resistance was instrumental in the ultimate decision to abolish colonial enslavement. This is a classic, foundational work.

[Kiran Dellimore · Rating 5 out of 5]

“The capitalists had first encouraged West Indian slavery and then helped to destroy it. When British capitalism depended on the West Indies, they ignored slavery or defended it. When British capitalism found the West Indian monopoly a nuisance, they destroyed West Indian slavery as the first step in the destruction of West Indian monopoly.”

To understand the origins of modern capitalism it is essential to trace its roots back to slavery. This truth has been undeniably and irrefutably established by Dr. Eric Williams in Capitalism and Slavery, his PhD dissertation cum historical primer. Dr. Williams’ scholarly masterpiece substantiates that slavery in all its inhumanity, savagery and greed is ingrained fundamentally in the DNA of capitalism. The crux of Dr. Williams’ thesis is essentially that the enormous wealth generated by the European enslavement of Africans on plantations in the Caribbean, spawned an affluent mercantile class in England in the 17th and 18th centuries, who in turn used their vast capital to bankroll the industrial revolution thereby paving the way for modern capitalism. What I found most insightful in Capitalism and Slavery was Dr. Williams’ proposition that the demise of the trans-Atlantic slave trade and slavery in the British West Indies did not come about due to the concerted moralistic efforts of abolitionists nor to the sudden dawning of conscience on the part of the British government about the barbarity of slavery, but rather it was wrought by purely economic imperatives in the early part of the 19th century. In particular, the monopoly on slave-based cash-crop cultivation in the British Caribbean islands was no longer profitable by the late 18th century, in the face of pervasive soil exhaustion (caused by the extended period of monoculture cultivation in the long colonized British islands) and stiff competition from the French and Spanish, on the larger Caribbean islands, that were vastly more profitable (by a factor of an order of magnitude or more). This dire economic situation was further compounded by the devastating loss of America as a colony in 1776. Out of desperation stemming from their waning economic fortunes, Britain first sought to abolition the trans-Atlantic slave trade in 1807, in order to cutoff the replenishment of the African slave labor supply of their European competitors. However, this failed to achieve the desired debilitating economic effect. As a result, by 1834, when it was abundantly clear that slavery in the British West Indies was untenable and would never make it a comeback to its glory days, and furthermore that it no longer served the economic interests of the metropolis that favored free trade, the British unceremoniously abolished slavery. Although Britain was the second European country to abolish slavery in 1834 (officially France was first in 1794, although it was later reinstated by Napoleon in 1802), it had no qualms, even in the late 19th century, about consuming slave produced goods and commodities from Cuba, Brazil and the United States. This convincingly reveals the absence of any scruples on the part of the British with regards to ending slavery or the slave trade. In summary, Capitalism and Slavery is essential reading for student’s of Caribbean as well of modern economic history.

[Jungian.Reader · Rating 4 out of 5]

Capitalism and Slavery by Eric Williams is considered a foundational text in the study of the economic history of the transatlantic slave trade, slavery and the development of western capitalism.

I have decided to also review this book in chapters.

Chapter 1: The Origin of Negro Slavery
Here Williams argue that slavery was not a result of racial prejudice but rather a consequence of economic factors. He states that slavery was simply a means for cheap labour - that reduces the cost of production in other to maintain maximum profit. He traces the emergence of slavery in the new world to the need for labour in the Caribbean sugar plantations. If those plantation owners could have enslaved white people for profit, they would have. I do however believe that racism played a huge role in Africans being kidnapped and not being paid for their labour as poor Europeans and Asians (seen with indentured servitude). This is why a lot of the climate excuses that these plantation and slave traders used to justify the slavery of Black people made no sense, considering that Europeans worked in the climates just fine but needed to be paid for their services.

Chapter 2: The Development of the Negro Slave Trade
Here we see the role European merchants, African rulers and European royalty ("These slave traders held high office in England. The Royal Adventurers trading to Africa in 1667, a list headed by royalty, included two aldermen, three dukes, eight earls, seven lords, one countess, and twenty-seven knights.") played in facilitating the slave trade. Eric explores the social and cultural implications of the slave trade, highlighting the dehumanizing conditions endured by enslaved Africans during their capture, transport, and enslavement in the Americas. Williams also discusses the passivity of the general western public opinion of the slave traders, stating "Tho' to traffic in human creatures, may at first sight appear barbarous, inhuman, and unnatural; yet the traders herein have as much to plead in their own excuse, as can be said for some other branches of trade, namely, the advantage of it. In a word, from this trade proceed benefits, far outweighing all, either real or pretended mischief and inconveniences" , and these "slave traders were among the leading humanitarians of their age.". He also discusses the role the church played in slave trade. He highlights how " In 1698 the Royal African Company lost its monopoly and the right of a free trade in slaves was recognized as a fundamental and natural right of Englishmen making it possible and easier for Englishmen to participate in the transatlantic slave trade.

Chapter 3: British Commerce and the Triangular Trade
Here Williams describes the triangle trade and the major proprietors, "In this triangular trade England - France and Colonial America equally - supplied the exports and the ships; Africa the human merchandise; the plantations the colonial raw materials. The slave ship sailed from the home country with a cargo of manufactured goods. These were exchanged at a profit on the coast of Africa for Negroes, who were traded on the plantations, at another profit, in exchange for a cargo of colonial produce to be taken back to the home country". He emphasizes the inter-connectedness of slavery, commerce and capitalism, and how the exploitation of slave labour contributed to the economic development of the British empire - "The profits obtained provided one of the main streams of that accumulation of capital in England which financed the Industrial Revolution". He discusses further the goods in the triangular trade, from slaves to sugar, tracing the expansion of trade networks and the emergence of port cities like Liverpool and Bristol, the major hubs of the slave trade. He highlights the economic benefits accrued by British merchants and colonial elites through this trade system.

Chapter 4: The West India Interest & Chapter 5: British Industry and the Triangular Trade
Eric highlights how important the west India colonies were because of their production of sugar. He describes how slave traders and plantation owners lobbied for policies (reminds me of today) that favoured the plantation economy and ensured the continued exploitation of slave labour. With certain examples of traders buying seats in Parliament, "No private hereditary English fortune could resist this torrent of colonial gold and corruption. The English landed aristocracy were indignant, 'vexed, put to great expenses, and even baffled' by the West Indians at elections". Eric expands on British industrialization and how it is intertwined with the exploitation of slave labour, from the iron shackles made to lock enslaved Africans during transports to the very ships used for the transport. He describes the social and cultural dynamics of the west Indian colonies and the harsh living and working conditions endured by enslaved Africans on the sugar plantations, as well as the resistance and rebellion that emerged in response to slavery.

Chapter 6: The American Revolution
Here Williams examines the role of slavery in the American economy and society prior to the revolution. He discusses how slavery was deeply entrenched in the southern colonies, where it was crucial to the profitability of agricultural enterprises such as the tobacco plantations. He also highlights the contradictions between the rhetoric of liberty espoused by american revolutionaries and their continued practice and investment in slavery.

Chapter 7: The Development of British Capitalism, 1783-1833
Williams discusses how the loss of American colonies prompted British capitalists to seek new markets and investment opportunities, leading to the intensification of colonial exploitation and the expansion of the slave trade. Interestingly, for me at least, Eric describes the birth of the credit system and the western obsession with people having good credit "The more a country borrowed, the better its credit, it seemed". He mentions briefly the French and Spanish trade overshadowing the Americas and west India market using predator pricing and cutting costs to maintain market share in Britain "The British west indies were thus becoming increasingly negligible to British capitalism, and this was of profound importance to an age in which the doctrine of increasing returns was finding its way into the body of economic thought. As Burn writes: 'judged by the standards of economic imperialism, the British West India colonies, a considerable success about 1750, were a failure eighty years later'".

Chapter 8: The New Industrial Order & Chapter 9: British Capitalism and the West Indies & Chapter 10: The Commercial Part of the Nation and Slavery
Eric highlights the emergence of new manufacturing sectors such as textiles, iron and coal mining and how it was all influenced by the american revolution. He explores the demand for raw materials and consumer goods fueled by industrialization which further entrenched the institution and business of slavery. He explains how abolitionist movements and humanitarian campaigns gained momentum, challenging the moral and economic justification for slavery. He mentions briefly the relationship between religion and the free trade. He discusses the prime ministers who supported abolition but only when it benefited their political career. And importantly, we see the associations between capitalism, sugar monopoly and slavery. "Strange that an article like sugar, so sweet and necessary to human existence, should have occasioned such crimes and bloodshed!" this quote best describes my thoughts on this. He highlights regions in Britain that became hubs for trade, such as Glasgow and Liverpool. If there is one thing that was evident in these chapters, it was that slavery whilst in its early days was profitable for Britain, it eventually became costly and wasteful. We see how British capitalists "first encouraged West Indian slavery and then helped to destroy it. When British capitalism depended on the West Indies, they ignored slavery or defended it. When British capitalism found West Indian monopoly a nuisance [i.e they could no longer set or control the prices], they destroyed West Indian slavery as the first step in the destruction of West Indian monopoly". This also led to the opposition of slavery within British commercial circles resulting in debates over the morality and legitimacy of slavery. They were no longer making money so they suddenly loved humans again.

Chapter 11: The 'Saints' and Slavery & Chapter 12: The Slaves and Slavery & Chapter 13: Conclusion
Eric turns the lens to the role of religious and missionary groups in the context of slavery in the Caribbean. Here we see the intersection of religion, morality and social activism and the employment of religion as shackles to propagate racism and slavery. I found this particular quote really telling on the nature of British and christian commitment to abolition, "The Negro race are blessed with a peculiar aptitude for the reception of moral and religious instruction, and it does seem to me that there never was a stronger call on any nation than there is now on us to meet this inclination in them, to supply them amply with the means of instruction, to dispatch missionaries, to institute schools, and send out Bibles. It is the only compensation in our power. It is an abundant one! We may in this manner recompense all the sorrows and suffering we have inflicted and be the means of making in the end their barbarous removal from this own land the greatest of blessings to them.. Let's break this down - rather than properly compensate the enslaved Africans for the torture that they experienced, these Christians believed that the dispatch of missionaries and bibles was the only compensation they could provide, despite having made much profit from the trade of colonial produce. Not to talk of the fact that this enterprise continued on for decades because "the desire for cheap sugar after 1833 overcame all abhorrence of slavery". Let's not ignore the sheer arrogance and effrontery of these Christians.

Finally, Eric addresses the complexities of enslaved agency and resistance highlighting the limitation and risks faced by those who challenged the institution of slavery. He argues that while enslaved Africans were often portrayed as passive victims (seen in references of some enslaved Africans being lazy and not doing much work -I call that resistance), they actively resisted their bondage and contributed to the abolition of slavery.

[Jon · Rating 5 out of 5]

read this book!!!

fantastic analysis of accumulation of capital from slavery, and the politico-economic reasons the british govt ended up abolishing the slave trade/slavery--including massive slave revolts that are frequently excluded from histories

fun fact: british slave owners were compensated for their slaves that were emancipated

[Yasir · Rating 5 out of 5]

Absolutely critical book on the entangled origins of slavery, race, and racism, from a historical materialist perspective. Empirically demystifies so many capitalist lies about race, slavery, and the abolition of slavery. Everyone must read this.

"A racial twist has thereby been given to what is basically an economic phenomenon. Slavery was not born of racism: rather, racism was the consequence of slavery."

[Karwan Fatah-Black · Rating 5 out of 5]

Zonder twijfel internationaal het meest invloedrijke en bediscussieerde boek over Atlantische slavernij. Trots dat het eindelijk beschikbaar is in het Nederlands. Een heel toegankelijk werk, waarvan uiteraard niet alle conclusies overeenkomen met de wetenschappelijke consensus van vandaag. Maar daarom nog niet minder lezenswaardig. Met een mooie duidende inleiding door Pepijn Brandon, die het werk van Williams legt naast het in Nederland bekendere werk van tijdgenoot Anton de Kom.

[Benjamin Eskola · Rating 4 out of 5]

This has been on my “to read” list for a couple of years now, ever since coming across it in a British Empire seminar, and I finally picked it up for my dissertation.

It’s pretty much a seminal, though not uncontroversial, work on the history of the slave trade and industrial revolution, and how the latter built upon the former; and, in particular, how the abolition of the slave trade was not purely humanitarian but itself economically motivated.

He covers the slave trade and slave-labour-dependent industries right back to the seventeenth century, detailing the economic reasoning behind it at each stage; why certain industries found slave labour profitable (generally those which required large amounts of land and a lot of repetitive tasks, like sugar and cotton), and why, as industrial and geopolitical developments occurred over the course of the eighteenth century, the political power of the West Indian plantation owners was reduced. I was particularly interested in some of the ideological motivations, both for the development of slavery itself and for the abolition, and how these hid the material reasons behind both of these processes.

At the beginning of the slave trade he details how the concept of racism (other authors might argue, even the concept of race) was secondary to economic concerns; racism only developed as a justification when it became clear that the African slave trade was a profitable source of labour. Towards its end, he gives many examples of double standards applied against British versus non-British slave labour; campaigns against slave-produced sugar, for example, were not (in most cases, at least until decades later) accompanied by those against slave-produced cotton. On another level, he also discusses the contempt many anti-slavery campaigners had for the working class (and, conversely, the contempt some working-class activists had for Africans) — ‘Saint’ William Wilberforce, he says, ‘was familiar with everything that went on in the hold of a slave ship, but ignored what went on at the bottom of a mineshaft’.

An interesting, though disappointing, aspect was the section on slaves’ own struggles against slavery. This was mostly detailed in the final chapter, an addition to the thesis which formed the original basis for the work, but failed to go into much depth; other books are likely to be better on the topic (CLR James’ The Black Jacobins: Toussaint L'Ouverture and the San Domingo Revolution comes to mind).

An aside: a little while ago I spotted, on Goodreads, a new edition re-titled “British Capitalism and British Slavery”, with the claim that this “more aptly captures Williams’s work”. This seemed suspicious from the outset: an attempt to limit the scope and thus absolve non-British capitalism of complicity in slavery. Capitalism even by the eighteenth and nineteenth century was a global phenomenon, and British industry depended on (and defended) slavery in America decades after it was abolished in the Empire. The conclusion confirms this feeling, explicitly arguing against titling the book “British Capitalism”. This is expanded on in the introduction to the fiftieth-anniversary edition, which quotes from letters between Williams and the (American) publisher in which he specifically opposes any title that would limit its scope to Britain and the British West Indies. Retitling the book posthumously, against the author’s explicit wishes, seems deceitful; giving the book a title which the text of the book itself argues against just seems incompetent.

[Erik · Rating 3 out of 5]

Eric Williams' Capitalism and Slavery is a classic work that recenters the deeply intertwined connections between capital and enslavement. In particular he argues that slavery and its abolition - far from being the humanistic-focused endeavor that history has told it was, was more a concern of laissez-faire capitalism trying to do away with the last withering bows of mercantilist monopolies. Many of the political leaders in Britain saw the monopoly powers of the Sugar plantations in the West Indies as being a drain on the British economy and saw 18th Century Imperialism as a huge hurdle to the growth that comes with free trade. By refocusing the eyes of history on the economic nature of slavery, Williams casts light on the shadows of capitalism.

[Colleen · Rating 3 out of 5]

I've read this book several times, as a graduate student and professor, and I have always found fault with the arguments. I don't disagree that economics plays a part in abolition but that isn't the whole story. His arguments are a bit obtuse, and his tone entirety reflective of the time in which he wrote this. That said, this book is a classic and should be read by any student of the Atlantic World.

[Carrie · Rating 4 out of 5]

Astoundingly ahead of its time - I would never have guessed that such a book was published in the 40s, and it's clearly an important foundation for later scholarly work on colonialism, race, and capitalism. Highly recommended reading - for me, it filled in historical gaps and challenged some really fundamental assumptions I didn't even know I held.

[Keen Reader · Rating 3 out of 5]

3.5 Stars!

“White servitude was the historic base upon which Negro slavery was constructed…the Africans were latecomers fitted into a system already developed.”

One way of looking at capitalism, and it is only one way, is how reliant it was on slavery for centuries and how those profiting the most from that awful system told everyone else who contested the morals of it that it was simply impossible for profit or business to flourish without it. And when that was eventually proved to be a lie, it was the slave owners who got compensation, instead of the slaves. And it was the taxpayer who paid that money.

In the lead up to the global financial crisis we were told that it was the only way we could live and those profiting the most from that awful system told everyone else who contested the morals of it that it was simply impossible for profit or business to flourish without it. The system collapsed through their avarice, greed, lies and criminality. And when that was eventually proved to be a lie, it was the greedy, lying criminals who got bailed out instead of those they exploited. And guess who picked up the bill?...

Are you beginning to see how this game works?...So we are on the brink of a global environmental catastrophe and those profiting the most from that awful system told everyone else who contested the morals of it that it was simply impossible for profit or business to flourish without it. Now what do we think is going to happen when it all inevitably comes crashing down?...

Williams covers a lot of interesting ground, one of the more memorable points was in relation to Queensland’s sugar industry where instead of importing black slaves to work the land, they passed the cost onto the consumer rather than on the worker, a price Australia was only too happy to pay in order to preserve its racist, whites only immigration policy.

Prior to 1783, “The monarchy, the government, the church, public opinion in general, supported the slave trade.”

We learn quite a bit about the so called triangular trade which saw phenomenal profits flow into the pockets and bank accounts of a flourishing elite, particularly in the port cities of Bristol, Liverpool and London and then after the Union of 1707 - Glasgow. And of course this extended and filtered through to places like Edinburgh, Manchester, Birmingham and Sheffield.

[Eddie Harvey · Rating 4 out of 5]

A thesis well ahead of its time. Williams argues that the abolition of the slave trade in the West Indies was the result of capitalist forces rather than the overstated British humanitarianism.

He brilliantly describes the rapid progress of the British economy as a result of the slave trade - and how the top levels of society were supporters/directly benefiting from slavery, including the royal family, MPs and Lords, banks and the church.

Williams shows that, in the long-term, the British slave plantations in the West Indies weren’t able to compete with the French and that many politicians and economists were in favour of free markets rather than the British self-imposed monopolies. An important inclusion too on the growing slave revolts in the nineteenth century and their impact on the growing feeling that the the British Empire should turn its attention elsewhere, namely India.

A couple of smaller arguments in the book, mainly about the conditions of slaves, that I think haven’t stood the test of time - but Williams answers that himself in his concluding remarks about our understanding of history evolving.

[Cait · Rating 5 out of 5]

the points made before are not offered as solutions of present-day problems. they are noted as guideposts that emerge from the charting of another sea, which was in its time as stormy as our own. the historians neither make nor guide history. their share in such is usually so small as to be almost negligible. but if they do not learn something from history, their activities would then be cultural decoration, or a pleasant pastime, equally useless in these troubled times.

highly informative and thoroughly argued. it's been some time since I read (or listened to) a nonfiction book that didn't hold my hand. I feel like I learned a whole fucking LOT from this book. keep in mind as you read this review, which is primarily an aide-mémoire for myself, that I am but a humble dumbass who hasn't formally studied history in nearly a decade. any errors are my own.

written by eric williams, "a west indian born in trinidad," as he, a proponent of a unified west indian identity over individual island-based ones, preferred to be identified, as his doctoral thesis at oxford before wider publication, capitalism & slavery was critiqued in the 1940s by white reviewers (many of whom hadn't even read the damn thing) as too broadly generalizing; they complained that the work was specifically about british capitalism and british [west indian] slavery, to which williams responded that the critique was nitpickingly useless, given that british capitalism and british slavery were the models for capitalism and slavery worldwide.

the first of williams's core arguments is that slavery preceded racism, not the other way around. given that indentured servitude of europeans gave rise to slavery, slavery became a system of african enslavement in particular out of economic convenience alone; although inter-european racialization of individual groups within europe (and other places, presumably) had long existed, white supremacist racism predicated upon the subjugation of blackness and the polar opposition between black and white only arose as a later justification for the horrors of slavery. slavery was born of economic factors, not racial ones, although race obviously later became a key component of the workings of the system. note that williams's politics tended toward the black nationalist, and his argument about the economic origins of slavery does not mean that he ever suggests that the history of african enslavement was in any way less horrific for this fact about whence it stemmed.

the second is that capitalism and slavery are inextricably linked: slavery allowed for the development and growth of capitalism, and capitalism also led to the decline and abolition of slavery later on. slavery only died out when it was no longer economically beneficial and viable for britain, and apparently humanitarian reasons for abolishing slavery often masked underlying economic factors, which is depressing but makes a lot of sense. basically, individual groups' or nations' stance on slavery vs. abolition tended toward whichever direction was then most economically favorable for them and most economically ruinous for their competitors. I think the modern-day connections and implications here pretty much draw themselves, so I won't spend my time laying them out.

two particularly bonkers facts:

- at one point, white west indian slaveowners complained that it was unfair of them to only be able to work their black slaves 9 hours a day when white factory owners back in britain were allowed to work their white child laborers 12 hours a day in worse conditions. "but THEY get to exploit THEIR abused underclass MORE 🥺!!!!!!!!!!" sure is one hell of an argument.

- you know all that historical stuff about english quakers buying free sugar and all that? yeah, apparently that too was some hypocritical claptrap! first of all, although some quakers were horrified by slavery, others were just mad that they couldn't profit from it, and also, the push to boycott slave-produced sugar was attended by uninterrupted consumption of other slave-produced products, such as rum; slave sugar in particular just happened to be a convenient target because west indian plantation owners had a legal monopoly on the sale of sugar and therefore could overcharge like fuck, which was obviously inconvenient for british buyers. 🙃

(added to to-read shelf 7/12/20; it annoys me that I can't collapse my 'reviews' of the distinct editions)

[Gregory Klages · Rating 5 out of 5]

Williams wrote a highly influential, challenging, detailed history of the relationship between the economic gains to be made in the sugar trade that motivated the British and West Indians to develop and support slavery. The voluminous detail Williams includes reminded me of texts such as Solzhenitsyn's Gulag Archipelago, and Tooze's Wages of Sin. In this respect, the book is not for the faint of heart, nor does it constitute 'light and informative' reading.

Williams' analysis is challenging in that it does not place racism at the forefront of its investigation, but rather sees racism as a contributing factor to how economic needs were satisfied. Williams text is not fiery Marxism, however, but rather close economic analysis, complete with profit and loss reporting, investment track records, and consideration of the sundry interests of landowners, sugar refinery operators, shippers, slave traders, and government.

[Janalyn, the blind reviewer · Rating 5 out of 5]

In “capitalism and slavery,“ you will read about the very beginning of Western slave trading that started with the Portuguese and ended with America. They have different chapters that delve in to almost every aspect of slavery in the north this was a disgusting and sad part of our history but one that should be told mr. Williams talks about the pioneers who fought the stop this not only an every day life but also in the parliament he talks about the want to get rich off of slavery and how it affects the economy. I think this is a great book it should be taught in schools as it is a fair in balanced look at an unfair practice. This should be mandatory reading. I was given this book by Nat Gally for free but I am leaving this review voluntarily please forgive any mistakes as I am blind and dictate my review but all opinions are definitely my own.

[Alanwalter · Rating 5 out of 5]

This is a research book first and foremost. The main point of the book is that without slavery there is no capitalism. This is the book that convinced me to go back to school and get a degree in economics. While maybe not riveting it certainly is an information packed book that backs up its argument really well.

[Donna · Rating 5 out of 5]

Every Trini should read this book..

[John Armwood II · Rating 5 out of 5]

Excellent. This should be required reading for every student studying the history of European and North and South American economics.

[Peter Baran · Rating 4 out of 5]

A new edition of the 1944 classic which interrogates the economic underpinning of British led slavery, and also therefore the economic reasons for abolition. Whilst written over seventy years ago, its a compelling thesis which suggests that a protectionist monopolistic trade which came out of slavery then floundered when the immense capital it had created was used to underpin the industrial revolution. At that point a free market was more desirable and profitable as the economic problems with slavery (unproductive workforce, slave-owners costs in housing/feeding and replacing) grew. Whilst Williams does not deny the input of the abolitionist movement, he also suggests that their rhetoric was co-opted as convenient to put down a failing economic model, which becomes clear when you consider both the reparations given to slave owners and that Britain continued trading with slave owning nations afterwards (Brazil and the US - an ex-colony whose slave system the UK created). The triangular trade not only bankrolled British power at the start of the 19th Century, but it also created trade routes and a massive merchant fleet which was easily moved over to become non-slave trace vessels.

What is interesting about the book is that it spends most of its time looking at the economic case, and a relatively scant amount on the actual realities of slavery. I assume there are a number of reasons for this, not least that part of the point of the book as economic history is to recontextualise what had become a bad faith story around abolition being a moral position (which could be contrasted with the US - as if US slavery had nothing to do with the UK). Williams does get into it near the end of the book with a couple of chapters on escaped slaves, rebellion and ideas around productivity. He also contrasts with increasing industrialisation of farming, as it became less labour intensive the economic argument for not quite free labour also drifts. What Williams is not particularly interested in is the racial aspect of slavery - he talks about indentured servitude in the same way - and again the legacy of slavery is out of the context of his book. There is an aspect therefore which reads strangely to modern eyes where long term societal effects of slavery, and indeed to class and economic effects are largely mainstream ideas.

This is primarily an academic thesis which has been softened - a touch - for the layman, and as such both its style and age means it is rather a dry read. But it is absolutely vital in the history of ideas, and as a pushback to an otherwise self congratulatory British historical take on slavery. And whilst its language may tend to the dry, it very rarely falls into traps of unintended, or even period specific racism. Williams may have been writing for a white academic audience, but he does not compromise himself in the process. An invigorating and important piece of work and a welcome new edition.

[Abe · Rating 5 out of 5]

Unmatched in its rigor, depth, and clarity contemporary economic history could stand to benefit from a close reading of this classic text. Its pithily summed up well in the penultimate chapter where Eric writes “The Negroes had been stimulated to freedom by the development of the very wealth which their labor created”. In my opinion almost none of the mainstream critics of the so called “Williams thesis” even come close to grasping what this book is arguing and instead largely rely on ludicrous and simplistic “counterfactuals” to prop up arguments which otherwise don’t stand up to scrutiny. This book is a useful corrective to the narrative that Atlantic slavery was somehow “incidental” to the development of industrial capitalism. It carefully traces the historical rise of it and the spillovers to local industries (confirmed by modern research by Redding among others) while also making clear how such developments ultimately undermined the system itself. It clarifies, without minimizing the sentiments underlying the abolitionist movement, the role that the declining economic benefits derived from slavery and (more importantly) monopoly had in propelling the anti slavery movement to victory. All in all historical scholarship at its finest, they don’t make em like this anymore.

[Anne · Rating 4 out of 5]

This is not an easy read. It is dense with facts and the narrative is dry and academic but the story is fascinating. Our modern capitalist system is based on slavery. This is mainly about Britain and Colonial holdings. It is, at times, quite shocking at how people were considered ‘goods’ and their trade was no different to any other marketable commodity. Then when the wealthy needed to make more money, they created consumers by freeing the slaves - or some of them. It does not paint a very good picture of capitalism’s development or the cynical way black people were used and abused.

The British attitude to their slaves was wider than some others as they mocked countries who just saw labour to cut sugar etc., And they conveniently forgot that the slaves themselves had hearts and minds and knew exactly what was in their best interests.

The book was written some time ago but the history remains valid and the visceral reaction to how we treat our fellow human beings is still as stark. I’m glad I read this as I learned so much about where wealth came from and how it was derived.

I was given a copy of this book by Netgalley

[Anasma · Rating 5 out of 5]

“Capitalism is the root of all evil” is no cliché and Williams shows it here through a brilliant historical analysis of the rise and fall of monopoly capitalism and modern industries in England (Manchester, Liverpool, Bristol, London, you name it!) which was mainly, if not solely, sustained by the British West Indian sugar and the labour of the Negro slaves. As an author, the work displays his dispassionate scholarship and admired brevity and I’m confused why the critics of his time would say otherwise.

Also, I thoroughly enjoyed his scathing logical treatment of the lucrative humanitarianism of that era, the similarities of which we can easily spot in today’s activisms. Definitely a book indispensable for all scholars in getting acquainted with the background of modern laissez-faire capitalism.

[Jeffrey Pedro · Rating 4 out of 5]

Interesting examination of British slavery and its origins. Williams argues that slavery did not initially stem from the social construct of racism. Instead, racism was a consequence of slavery. Additionally, Williams claims that slavery stemmed from a prioritization of economic superiority. There’s also an examination of abolition and how it focused more on the destruction of monopolies of the time and the promotion of capitalism. The death of mercantilism paved the way for the racial capitalism we see today. I ended up skimming through one of the last chapters (the material was just boring, but reviewed important reforms of the day). Overall, a great read highlighting the experiences of slave owners, freed slaves, and those in bondage.

[Valeria Meraz C · Rating 5 out of 5]

The political-economic analysis of the role of slavery in the birth of British capitalism (and more broadly capitalism around the world) is explained with so much clarity in this book. Not only does this book re-frame abolition and emancipation as a political strategy of empire, but it does so with so much in-depth facts as to be almost overwhelming. The structure was refreshing in that often the chapters are arranged by industry/topic during a specific period. This helps understand the standpoints of certain players at certain points in time without getting confused, because it then runs through the same period again with the other player’s perspective and consolidates at the end. A brilliant work of historical research and analysis.

[ernst · Rating 4 out of 5]

Gilt zurecht als der Klassiker zum Thema. Leider methodologisch ziemlich empiristisch und am Schluss auch etwas ökonomistisch. Bleibt insgesamt ziemlich beschreibend, ohne die tieferen gesellschaftliche Logik begrifflich gründlich auszuarbeiten. Aber dennoch als nach wie vor gültiges Grundlagenbuch zum Thema unumgänglich und verdienstvoll.

[Liam · Rating 4 out of 5]

This was a genuinely painful, excruciating read which i had to brute-force myself through. Even with the very clear understanding of this being a scientific text, the stream of economic information was so very dense, it felt impenetrable at points. Nevertheless, a very well elaborated work.