Capitalism and Slavery

Lecture Title: Capitalism and Slavery
Location: Infant School Society Depository, 19, Cheapside London
Primary Focus: Examine the relationship between capitalism and the institution of slavery, particularly in the context of sugar production.

Key Inquiries:
- Why did slavery emerge in colonial Virginia?
- Why did racism emerge?

Biography:
- Birth: 1911, Trinidad
- Education: Notably awarded the only available scholarship to Oxford from Trinidad.
- Key Work: Published Capitalism and Slavery in 1944.
- Political Career: Became Prime Minister of Trinidad and Tobago in 1962.

Historical Context:
- Arrival of English Settlers: English settlers arrived in Barbados in 1627.
- Initial Agricultural Challenges: Settlers experienced difficulties cultivating tobacco.
- Economic Shift to Sugar: Sugar was introduced in the 1630s and dramatically increased in profitability by the 1640s.
- Labor Strife: Indentured servants in Barbados revolted in 1649 and 1657, indicating labor dissatisfaction.
- Transition to African Slavery: Planters began to adopt African slavery around the same time, expanding it to Jamaica.

Royal African Company (RAC):
- Establishment: Founded in 1680 with a monopoly on the slave trade.
- Transportation Statistics: Between 1680 and 1686, roughly 5000 enslaved individuals were transported annually, with a 20% mortality rate en route.
- Loss of Monopoly: In 1698, they lost their charter, thereby recognizing slave trading as an Englishmen's right.
- Profitability: Average return on a slave trading voyage could be as high as 29%.

Plantation System:
- Entrepreneurial Scale: British Caribbean planters operated as large-scale industrial entrepreneurs.
- Labor Force: Plantations employed hundreds to thousands of enslaved individuals.
- Production Output: A workforce of a hundred enslaved individuals could harvest 80 acres, yielding approximately 80 tons of sugar.
- Working Conditions: Enslaved individuals often worked at night under dangerous conditions, with extremely high mortality rates.

Triangular Trade:
- Route Overview: Flow of raw materials from the Caribbean to North America, manufactured goods from Europe to the Caribbean, and enslaved Africans taken from Africa.

Definition: A tariff protection system where taxes on imports or exports influence trade.
Impact on British Economy:
- Increased tariffs on imported manufactured goods while decreasing agricultural goods' tariffs, boosting British manufacturing and colonial profits.

Shipping Trends (1710-1714): Approximately 122,000 tons of British shipping directed to the West Indies, and 112,000 to the mainland.
City Growth: Contributed to the expansion of Glasgow, Liverpool, and Bristol.

Banking Origins: Major British banks, including Barclays and HSBC, originated from profits in the slave trade.

Industries Linked to Slavery:
- Textile manufacturing
- Sugar refining
- Rum distillation
- Gun manufacturing
- Ironmongering
- Steam power innovation (James Watt’s steam engine)

Parliamentary Changes (1784):
- Tax cuts on tea and sugar significantly altered consumption patterns.
- Sugar became a staple in English working-class diets, heavily relied upon by women and children.

Control Mechanisms: Planters maintained political power through “rotten boroughs,” districts with limited inhabitants, allowing for disproportionate influence.

Before Eric Williams' Analysis:
- Prevailing viewpoint: British moral superiority credited for the abolition.
- Critique: British historians often portrayed Britain as having introduced slavery only to abolish it out of altruism.

Milestones:
- 1783: Trade with the United States opens.
- 1807: Great Britain bans participation in the Atlantic slave trade.
- 1815: Tariff duties on foreign cotton, sugar, and coffee reduced.
- 1833: Slavery officially abolished.

Economic Shift: British industrialists began opposing West Indian planters, starting with the slave trade (1807), moving to sugar tariffs (1815), and ultimately slavery itself (1833).

Reform Bill of 1832: Expanded political participation without granting universal male suffrage, decreasing food taxes, thus lowering meal costs for the working class, while enabling capitalists to lower wages.
Tariff Increases: Benefited British industry by raising tariffs on manufactured goods.

Agricultural Output: By mid-century:
- One third of global sugar originated from Cuba.
- Half of the world's coffee came from Brazil.
- Three-quarters of the world’s cotton was produced in the United States.
Continued British Imports: Substantial importation continued into the late 19th century.

Contemporary Repercussions:
- Modern corporations confronted for historical roles in slavery, leading to discussions on reparations.
- The legacy of slavery has marred the reputation of the British Empire, especially amidst global independence movements.

Current Discourse: The reparations discussion reflects ongoing social and historical implications of slavery. Reference to article from The Guardian (2015).

Emergence of Slavery: Driven by sugar demand.
Industrial Revolution Link: Profits from slavery and trade fueled industrial growth.
Economic Conflicts: Industrialists opposed slavery due to competition for cheaper sugar.
Expansion of Slavery: Continued in Cuba, Brazil, and the U.S. following British tariff reductions on sugar, cotton, and coffee.