Book Review — Capitalism and Slavery by Eric Williams
This morning, I finished reading “Capitalism and Slavery” by Eric Williams. Williams, the first Prime Minister of Trinidad and Tobago, expanded the book from his doctoral dissertation, publishing it in 1944.
Capitalism and Slavery explores the intertwined histories of economic development, the transatlantic slave trade, and the rise of capitalism, with a particular focus on the British Empire and its dealings in the West Indies.
Williams begins by dissecting the transition from mercantilism to capitalism, arguing that the wealth accumulated from the slave trade was instrumental in fueling the Industrial Revolution. The book outlines how the labor of enslaved Africans on sugar, cotton, and tobacco plantations in the Caribbean and the Americas generated immense wealth for Britain, enabling it to dominate global trade and finance.
One of the key contributions of Capitalism and Slavery is its challenge to the traditional moral narrative surrounding the abolition of slavery. Williams argues that the abolitionist movement was driven less by humanitarian concerns and more by economic self-interest. He notes that while abolitionists criticized slavery in the British West Indies, they were complicit in its continuation in Brazil and other regions where it was economically advantageous. This hypocrisy, according to Williams, reveals the underlying economic motives that often masqueraded as moral righteousness. However, Williams does not fully consider the pragmatism of the abolitionists, who could not afford an all-out war on the establishment and had to contend with the mood of the times, as other scholars have noted elsewhere.
The book also delves into the decline of Caribbean sugar plantations in the 19th century, particularly following the Emancipation of slaves in the 1830s. Williams examines how the British government shifted from protectionism to free trade, promoting cheaper sugar from Brazil and Cuba over that from the British West Indies. He argues that this policy shift was another example of how economic imperatives shaped British colonial policy.
Williams’ analysis is dense with historical detail and economic theory, making the book a challenging but rewarding read. He meticulously links the profits from the slave trade to the capital accumulation necessary for industrialization, demonstrating how the exploitation of enslaved people was crucial to the development of modern capitalism. The infamous triangular trade — where enslaved Africans were exchanged for goods like molasses, rum, and cotton — provided the economic foundation for this global trading network, ultimately benefiting European economies at the expense of African societies.
However, Williams’ focus on the economic aspects of slavery does not extensively address the human suffering and resistance that accompanied this dark chapter in history. For instance, the role of slave rebellions and the agency of enslaved people in hastening the end of slavery in the British West Indies is not given significant attention. This omission is notable, as it limits the scope of the book’s analysis to primarily economic factors, potentially downplaying the importance of other forces that contributed to the abolition of slavery.
Moreover, while Williams convincingly argues that the wealth generated from slavery was crucial to the development of capitalism, his work has been critiqued by some scholars. For example, Stanley Engerman has argued that the profits from the slave trade constituted a relatively small percentage of the British economy during the Industrial Revolution. Similarly, Seymour Drescher’s work suggests that the abolition of the slave trade in 1807 was driven more by the moral outrage of the British public who had voting powers than by economic factors, challenging Williams’ economic determinism.
My take is that, as with many historical events, the abolition of slavery cannot be attributed to just one factor. It seems that several forces — including economic factors, abolitionist movements, slave revolts and resistance, and religious movements — all played a role.
Still, Capitalism and Slavery remains a foundational text in the study of economic history and the legacy of slavery. It offers a sobering reminder of how deeply intertwined capitalism and slavery were and how the economic benefits of slavery extended far beyond the plantations of the Caribbean. Williams’ work continues to provoke thought and debate, encouraging readers to critically examine the origins of the economic systems that shape our world today.
As I read Williams’ dense, fact-filled analysis, one question kept coming to mind: If we agree that humans are fundamentally the same, capable of both unbelievable kindness and extreme cruelty, why was it the Europeans who devised the concept of using slavery to build capitalism? We know that all societies across history participated in slavery, but how did it come to be that the Europeans created the Industrial Revolution with slavery as a key component? Just food for thought.
Another question that lingered: Given his knowledge of the great wickedness of slavery, how did Eric Williams use his vast understanding to benefit his people as the first Prime Minister of Trinidad and Tobago? What are his development legacies? Unfortunately, I could not glean much about his administration in my search.
Williams’ book is a tough read — extremely dense and packed with so much information that I doubt I’ll remember half of its details. But it’s definitely worth reading if your goal is to understand the history of slave trade from Africa to Britain and the West Indies.
