- Williams Hypothesis: Relates slavery to economic growth in Great Britain.
- Key Elements: Profits from the slave trade, triangular trade value, British West Indies contributions, profits fueling investments.
- Counterfactual Analysis: Compares returns on capital in colonies versus alternatives.
- Critiques:
- Engerman: Colonies too small to impact British growth; net loss instead of gain.
- Response: Challenges validity of these criticisms.
- Darity Model: Consistent with Caribbean School, highlights learning curve of European technology and retrogression in Africa.
- Complexity: Ambiguity in defining the Williams thesis complicates testing.