Is capitalism distinct from slavery or dependent on it? Why does Williams think Smith’s argument is irrelevant to the new world context

Is capitalism distinct from slavery or dependent on it? Why does Williams think Smith’s argument is irrelevant to the new world context

Introduction

Capitalism has gone through various stages of development to be what it is today. With exchange taking place even in the 15th century, transatlantic trade saw the linking of multiple regions through voyages and with the masters of both sea and water being known, including the English and Spaniards (Harvey 67). However, slavery has been linked to industrialization due to its ability to offer free labor and fully utilize individuals who had to be maintained for mass production purposes. In my view, slavery influences capitalism and is much more significant during the early stages of acquiring resources that were later used for re-investment to determine the levels of industrialization amongst nations. First, this paper looks at the nature of slavery and the evolution of capitalism. It then assesses why Adam Smith’s argument with that of Eric Williams. Finally, the paper gives a conclusion on how much capitalism is linked to slavery and would have been much slower with the absence of free and forced labor.

The Nature of Slavery

The new world context had its slave roots starting with the Indians, where their land was taken away from them, and they were forced into accepting the religion (Williams 108) of their oppressor while living their traditional spiritual ways. This was not only the oppression of labor but also spiritual bondage. Negro slavery followed way later but was viewed more like a permanent condition, unlike Indian slavery, which appeared as a penalty. The English and French, like their Spanish counterparts, saw the opportunity of using slavery as labor. Williams (2014) explains how the Spanish realized how much a negro was equal to four Indians and was more valuable in the cultivation of sugar, cotton, and other staples despite being paid way lower wages, if any. This kind of slavery for lower labor costs to maximize returns. As much as negros provided labor, the population ended up including poor “industrious” whites who were looking for better living, running away from war and unfavorable government systems, and ended up signing contracts for lower pay. These immigrants termed as “new landers” (Williams 112), were in voyages from Scotland, England, Ireland, and Germany, just to mention a few.

Evolution of Capitalism

Capitalism means free-market structures with returns for investors. Harvey (69) states how much the era of industrialism is highly characterized by free labor, mass production to meet demand, mass consumption from higher supplies, and wider markets from more wages to spend. This was influenced by transatlantic trade, exploitation of resources from Africa, and the West Indies leading to power coupled with the slave trade. Slavery is, therefore, a determinant of capitalism for the need of a free and wider market with valuable exchanges that must be supported by cheap and near-free labor for the sake of profitable investments by industrialists, which will have more to invest back into the running economy. According to Williams (117), the realization of sugar started sparking economic benefits of resources and the spirit of possessive individualism begun by the English as they could identify and discriminate based on race and nations, i.e., they could make agreements with the dutch, Portuguese and so on.

Smith’s argument with that of Eric Williams

The new world context, as explained by Williams, coincides with that of Smith. In his write up on The Wealth of Nations, Adam Smith states how a slave has no right to ownership of property and has less for exchange and will, therefore, only eat for survival and not work beyond his need to survive (Harvey 67). Slaves, therefore, had to be forced into producing more to meet the demand for mass consumption from the market. Williams (113), further clarifies that immigrants who get into America looking for better-paying jobs ad end up being servants in large plantations are not slaves because they are born free and could save and purchase the property from pay. White servitude was primarily an agreement allowing even asking for advance food and clothes and awaiting land parcels. With a good case, they could also sue for forced detentions. The death of the slave trade was not by choice (Williams 109) but was through being termed illegal by law. Industrialists were unwilling to let the act go because of the benefits it brought them. Free and hard labor in plantations for higher output led to mass production for mass consumption, which is the meaning of capitalism.

Conclusion

In conclusion, capitalism is highly influenced by slavery. In my view, the migrants from a foreign land who come to look for better opportunities are doing so willingly, and they are even engaged in contract signing to make agreements on pay and commitment. Slaves, on the other hand, have no choice but have to till the land for food and shelter, which are necessary for survival. Farms that were labored by slaves yielded more returns than those which had paid workers, and in this era, these plantations hailed and even flourished through transatlantic trade.

Sources

Harvey, Mark. “Slavery, Indenture, and the Development of British Industrial Capitalism.” History Workshop Journal. Vol. 88. Narnia, 2019.

Williams, Eric. Capitalism and slavery. UNC Press Books, 2014.