Slavery and Capitalism

Louis Proyect: The Unrepentant Marxist

A passage from this extraordinary book:

Slavery, as the historian Lorenzo Greene wrote half a century ago and many scholars, such as Harvard’s Sven Beckert and Brown’s Seth Rockman, are today confirming, “formed the very basis of the economic life of New England: about it revolved, and on it depended, most of her other industries.” The expansion of slave labor in the South and into the West was still years away, but slavery as it then existed in the southern states was already an important source of northern profit, as was the already exploding slave trade in the Caribbean and South America. Banks capitalized the slave trade and insurance companies underwrote it. Covering slave voyages helped start Rhode Island’s insurance industry, while in Connecticut some of the first policies written by Aetna were on slaves’ lives. In turn, profits made from loans and insurance policies were plowed into other northern…

View original post 221 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: