Good Slavery And Rise Of Capitalism Essay Example

Capitalism can be said to be an economic system that allows rich people to invest their money in projects that make profits. It implies a system where factors such as factories, transportation and communication systems are owned by private businesses and corporations. The businesses operate in free markets where competition is allowed without restrictions. However, capitalism has an adverse effect since it leads to economic inequality between the rich and the poor. This is where the government has to come in and try to lessen the gap through various means that include social schemes and regulations.
During the eighteenth century, slavery had a great impact on the trans-Atlantic economy. For instance, the European's powers and British traded became rich due to the trade in slaves that were sourced from Africa, thus boosting the trans-Atlantic economy. The cheap labor in the trans-Atlantic economy further boosted its prosperity since the slaves worked in the fields. We can see the labor was readily available, and European's power was able to invest in whichever project and their industries were doing great (Klein, 2007).
During the nineteenth century, the slave trade led to the development of the modern world economy. It stimulated manufacturing and gun making industries, and the economy was also able to produce farm products such as tobacco, sugar and coffee and later cotton for first mass consumer market. The capitalists used to control international trade to ensure Africans specialized in exporting captives while the Europeans prospered from the proceeds they got from exploitation of Africa in terms of cheap labor and natural resources. This further led to technological developments in the economy.

References

Klein, N. (2007). The shock doctrine: The rise of disaster capitalism. Macmillan.