The Stolen Wealth of Slavery: A Case for Reparations

by David Montero

This groundbreaking book tracks the massive wealth amassed from slavery from pre-Civil War to today, showing how our modern economy was built on the backs of enslaved Black people—and lays out a clear argument for reparations that shows exactly what was stolen, who stole it, and to whom it is owed.

In this timely, powerful, investigative history, The Stolen Wealth of Slavery, Emmy Award-nominated journalist David Montero follows the trail of the massive wealth amassed by Northern corporations throughout America’s history of enslavement. It has long been maintained by many that the North wasn’t complicit in the horrors of slavery. The truth, however, is that large Northern banks—including well-known institutions like Citibank, Bank of New York, and Bank of America—were critical to the financing of slavery; that they saw their fortunes rise dramatically from their involvement in the business of enslavement; and that white business leaders and their surrounding communities created enormous wealth from the enslavement and abuse of Black bodies.

The Stolen Wealth of Slavery grapples with facts that will be a revelation to Most white Southern enslavers were not rich—many were barely making ends meet—with Northern businesses benefitting the most from bondage-based profits. And some of the very Northerners who would be considered pro-Union during the Civil War were in fact anti-abolition, seeing the institution of slavery as being in their best financial interests, and only supporting the Union once they realized doing so would be good for business. It is a myth that the wealth generated from slavery vanished after the war. Rather, it helped finance the industrialization of the country, and became part of the bedrock of the growth of modern corporations, helping to transform America into a global economic behemoth.

In this remarkable book, Montero elegantly and meticulously details rampant Northern investment in slavery. He showcases exactly what was stolen, who stole it, and to whom it is owed, calling for corporate reparations as he details contemporary movements to hold companies accountable for past atrocities.

Genres: History, Nonfiction, Social Justice, Economics, Politics

Audible Audio

Published February 6, 2024

Reviews

[Jamie Park · Rating 5 out of 5]

Wow! The way this starts hooked me immediately. It changed my perspective. I already want to eat the rich and I am eternally full of rage, but I have been directing some of that rage at the plantation owners, actually I think I will keep some rage there. They could have said "oh maybe I need a better business model" and they didn't. Still though the wealthy controlled us then and they control us now.
This books explains it all in easy to understand, yet beautiful and detailed, sentences.
I was saying things like "YES" and "Amen!:" out loud.

[Perry · Rating 5 out of 5]

This book methodically and interestingly makes the case for reparations. The changing narrative of history in which wealth flowed to northern bankers (in particular, Citibank) complicates previously easily digestible thought that southern plantation owners were the chief inheritors of wealth. The section about the colonization effort was also enlightening and makes sense that it came from a deeply racist belief that people of different skin colors could not live together. Corporations are symptom of capitalism and will only do what's best for their bottom line, particularly if that means whitewashing the past.

[Tina Rae · Rating 5 out of 5]

I absolutely loved this book and I learned SO, SO MUCH (most of it horrifying). This is an absolute wealth of information!! I also absolutely could not stop talking about this book both while I was reading it and after I finished. I cannot stress just how much I learned from this!

And it made such a compelling case for reparations (and just accountability in general). So incredibly well researched and well written. So happy I had the opportunity to read this!!! Highly recommend!

And thank you so much to Legacy Lit & Grand Central Publishing for sending this my way in exchange for an honest review!

[Katie · Rating 4 out of 5]

The Stolen Wealth of Slavery is a welcome intervention into current discussions of systemic racism. Montero answers how exploitation and violence are baked into the very foundations of American society by following the money—the massive fortunes built by Black labor under enslavement. Montero thereby makes a case for reparations by tracking the less commonly acknowledged beneficiaries of American enslavement: the Northern bankers and businessmen who profited by financing and selling Southern exports without getting their hands dirty via direct contact with the violent exploitation of the plantation system.

The ensuing argument is well-researched and accessibly written for non-academic audiences, if sometimes dense in accounting the details. While I struggled with the density at times, it is to be expected in a history text. Professional and amateur historians alike will especially benefit from reading this book. It is well-suited to meet the current moment.

I received a copy of this book from Netgalley in exchange for an honest review.

[Maileen Hamto · Rating 4 out of 5]

Amid greater consciousness about how America’s racialized history has impacted all aspects of society, there are renewed calls for monetary reparations to benefit the descendants of enslaved Black people. In ”The Stolen Wealth of Slavery,” researcher and journalist David Montero documents massive investments in the slave trade by entrepreneurial Northerners and the companies they founded to build unimaginable wealth. Montero debunks the common notion that Southern plantations were primarily responsible for the ill-gotten wealth of America’s original sin. He dives into the abundant and revelatory archives of banks like Citibank, Bank of New York, and Bank of America. Companies invested in many aspects of the slave trade, from funding the acquisition of more enslaved humans and lending capital to plantation expansion to financing the shipping industry that transported cotton and other products overseas. Their compounded investments yielded massive long-term profits.

Raising public awareness about how the evils of the Transatlantic slave trade have seeded the rise of the United States as an economic superpower has been a project of Black scholars and activists for generations. As a White author, Montero makes a bold case to make the case for reparations and places the responsibility on corporations. If Black Americans wish to hold companies accountable for their role in profiting from slave labor, this book provides an evidence-based rationale for redress.

Note: I received an Advance Reader Copy through City Book Review, in exchange for an honest and thoughtful review of the book.

[Literatures Movies · Rating 3 out of 5]

DNF 50%

A very important book on black slavery how black people were used to build empires and propelled America into new heights. I am not quite sure who this book is intended towards. I find the book while important, also very boring, as it seems to regurgitate facts and names endlessly. I was unable to connect with any one character and it seems like a blur. Perhaps the whole point of this book is to name as many lives lost and as many evil people who subjected black people to this, in that case the author succeeded. But in the sense of making the readers care about individuals more than as numbers alone, I think it failed.

Overall a very important book, but I think the way the book was written could have been better. I personally would have googled a summary of this book rather than reading it. I don't think you miss anything either way.


Blog: http://literaturesandmovies.com

[A · Rating 3 out of 5]

while i think the subject matter of this book is something which is long overdue for a reckoning, this book was poorly written imo. it did a lot of telling, rather than showing in several instances, and did not trust its reader to have empathy for the marginalized group rather than sympathizing with the exploiter. it had surprisingly narrow scope of focus for a book with such a broad title, which i guess would have been way too lofty of a goal to cram into one book, so maybe i should’ve managed my expectations lol. i feel like it may have also been written for white america, which is why the “hand-holdyness” started to get frustrating for me personally. i think this book would be great to assign for a high school history class but as an adult reader, i was left looking for a little bit more.

[Maya · Rating 3 out of 5]

3/5 stars (audiobook),

Important piece about the wealth of slavery. Slave owners are often seen as the biggest blameholder for slavery but they were just a small part of the large system that was creating and establishing the economic wealth of the United States. When slavery ended, plantation owners lost their primary source of revenue, while the banks and companies they sold products to remained stable and found other investments. Reparations should exist, but how can you possibly pay back the lives lost and the value of money multiplied by generations of wealth?

This essay from Montero allows us to think critically about the grand picture of slavery that is not taught in U.S. public schools. It was unclear who the target audience of this piece was.

Thank you Grand Central Publishing for the advance reader copy. This is my honest review.

[April (whataprilreads) · Rating 4 out of 5]

4.5✨

It’s quite clear, one page in that Montero put in hours and hours of careful research into this work. It’s clear that there is a case to make and by the end, we will understand not only the stolen wealth of Black Americans but where exactly it went, how it grew, and most importantly how it has persisted. From names and dates and industries, to corporations to the very fabric of our financial system. Slavery has permeated everything. I found this work to be quite insightful on such an insidious history, but I couldn’t give it a full 5✨ While incredibly important work, also incredibly inaccessible. This is not a far shoot from a textbook but I think if you have an interest in American history, in political and social change, and in equity- this is something to check out.

[Kelly · Rating 5 out of 5]

A blistering tale of how the rich got richer. This book explains how both the south and the north profited from slavery and how those captains of industry built wealth that continues to manifest even today. This book is well researched and incredibly detailed, drawing clear lines between the origins of slavery to present day. It's a fascinating read that at times feels overly academic, but in the end, provides much needed intel on our country's history.

[Olivia H. · Rating 5 out of 5]

Fascinating read!! This book opened my eyes to aspects of slavery that no one teaches or talks about. We are misled in American history to think the South alone was responsible for and profited from slavery. I was unaware that corporations in the North played the biggest role in financing and perpetuating slavery for their own gain.

[Hina Ansari · Rating 5 out of 5]

Every book I read on reparations opens a new door. I had never really considered the financing with respect to slavery and how many banks, not just businesses benefited from these actions. And the number that have taken responsibility is quite small.

The author does a good job of explaining everything and how it is all interrelated.

[Arif · Rating 5 out of 5]

A meticulous investigative account of theft from black people over generations. The book provides a powerful and convincing argument for why those who profited from slavery - and who heirs today strut about as paragons of virtue - should be made to pay for their ill begotten wealth.

[Rafael Suleiman · Rating 4 out of 5]

A good book on the need for reparations.

[Mary Chapman · Rating 5 out of 5]

Great book. Learned a lot reading this book. Ready a eye opener. Have his other book on my wishlist.

[Marina Furmanov · Rating 4 out of 5]

This read was as expected- well researched, thorough, detailed while also painfully honest, dry and sometimes political. Please avoid AI when creating an audiobook. It really makes a difference in the readers experience.

[Whisper · Rating 4 out of 5]

I suspended my hold on this book from Libby 13 times. I finally decided today was the day to tackle this.

I think it was well researched and laid out a very compelling case. In parts it was a bit overwritten where the same point was said over in over in slightly different ways.