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608 pages, Paperback
First published January 1, 1997
“We have seen that the pace of capitalist industrialization in Britain was decisively advanced by its success in creating a regime of extended primitive accumulation and battening upon the super-exploitation of slaves in the Americas. Such a conclusion certainly does not imply that Britain followed some optimum path of accumulation in this period, or that this aspect of economic advance gave unambiguous benefits outside a privileged minority in the metropolis. Nor does our survey lead to the conclusion that New World slavery produced capitalism. What it does show is that exchanges with the slave plantations helped British capitalism to make a breakthrough to industrialism and global hegemony ahead of its rivals. It also shows that industrial capitalism boosted slavery. The advances of capitalism and industrialism nourished, in fateful combination, the demand for exotic produce and the capacity to meet this large-scale demand through the deployment of slave labour.”