The Shaping of Capitalism by Slavery

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The Shaping of Capitalism by Slavery
During the 19th century, America emerged as one of the most dynamic and advanced economies globally. Around the same period, the country sustained a comprehensive and ruthless system of human bondage. A key reason for the bondage system was to benefit from free labor, which would help realize a profit. The basis of capitalism is free market and competition to make a profit. Success in a capitalist nation like the united states is measured by how much profit one gets from their market involvement. Among the key factors that may affect profits is labor. When employers or landowners spend minimum amounts on labor, the outcomes include higher profits, which is the essence of capitalism. Where labor is expensive, profits are reduced. Therefore, the basis for slavery was to provide labor cheaply so that those in businesses like cotton could make maximum profit. Historians like Edward Baptist argue for slavery as a driving force of the current capitalist ideals citing the profit motive of slave owners. Investors of the Atlanti...