Eric Williams Capitalism And Slavery

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Adam Smith in 1776 said capitalism was a model that was originally driven by peoples self interest for personal gain (ultimately economic). The prices in the market, Smith said “are determined by the supply of, and demand for, the factors of production” (Smith 18). The notion of benevolent colonialism was often cited as the primary reason for the expansion of the British Empire. By using Eric Williams’ Capitalism and Slavery as primary source material, this essay examines the ideas first put forth by Williams and will illustrate that economic imperatives to slavery took precedence over moral ones, and that the African slave trade was central to the economic development of the New World, as well as Europe.

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Williams affirms …show more content…

He also added that Africa was nearer than the moon, if they could go to the moon for labor they would …show more content…

Thus creating industrial revolution, which is, consider as one of his greatest movement in the west. However, William failed to recognize in his analysis is the condition that the slave were in and the moral repercussion of what European were doing, he stated by quoting Gibbon Wake field that “the reason for slavery are not moral but economical circumstances they relate not vice and virtue, but to production” (Williams 6). The reason being limited population in Europe in the sixteenth century. “The free labourers necessary to cultivate the staple crops of sugar, tobacco and cotton in the New World could not have been supplied in quantities adequate to permit large-scale production. Slavery was necessary for this, and to get slaves the Europeans turned first to the aborigines and then to Africa. (Williams

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