How Did Plantation and the Slave Trade Contribute to Capitalist Development in the Atlantic Economy - Research Paper Example

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"How Did Plantation and the Slave Trade Contribute to Capitalist Development in the Atlantic Economy" paper addresses how plantation and slave trade contributed to the rise of capitalism. The paper explores the horrors of the slave trade and how slave traders led to the development of capitalism…

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How Did Plantation and the Slave Trade Contribute to Capitalist Development in the Atlantic Economy

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Subject: Macro & Microeconomics
Type: Research Paper
Level: Ph.D.
Pages: 8 (2000 words)
Downloads: 0
Author: hagenesmeggie

Extract of sample "How Did Plantation and the Slave Trade Contribute to Capitalist Development in the Atlantic Economy"

Download file to see previous pages The transatlantic slave trade, which lasted for two hundred years, from 1650 to 1850, was of significance in world history. During this period, countless numbers of lives were lost due to the harsh working conditions that the slaves were subjected to by the slave owners. To a considerable extent, the rise of capitalism in the Atlantic economy resulted from the slave trade and plantation. Slave trade and plantation farming paved the way for the investment of surplus cash, which the merchants accrued. In addition, clergy, monarchs, guilds, and aristocrats had the opportunity to invest their surplus cash (Coclanis 2005, p. 32). The horrors of the slave trade still exist today and can be seen in the numerous inter-class struggles. Many years after the end of slavery, the world has continued to witness vast class and racial differences.

To a large extent, slavery contributed to the rise of capitalism in the Atlantic economy. With their motives for accumulating wealth, slave owners subjected the slaves to poor conditions in the plantations. These poor conditions can be equated to the capitalistic ideals, which aim at accumulating surplus value at the expense of the poor. During the slave trade, the term chattel slavery was commonly used. The use of this term primarily meant personal property; the slaves used to be the legal property of the slave owners. As such, slave owners considered slaves as investments, which had to be used to realize some gains (Tracy 1997, p. 46).

In the Atlantic economy, the primitive accumulation of capitalists meant finding someone to work in the farms. The oppression of slaves by slave traders and slave owners had significant contributions to the development of capitalism (Lovejoy 2000, p. 6). Based on the relationship between slavery and capitalism, it can be argued that the system of capitalism arose from slavery. While capitalism was based on free labor, slavery was based on slave labor. Slaves used to work in the plantation farms without any remuneration. ...Download file to see next pages Read More

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How Did Plantation and the Slave Trade Contribute to Capitalist Development in the Atlantic Economy - Research Paper Example

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