paper source: https://doi.org/10.1016/0304-3878(85)90024-0

CARIBBEAN SLAVERY AND BRITISH GROWTH

Eric Williams Hypothesis

📎 Executive Summary

This paper supports the hypothesis that slavery in the British West Indies significantly contributed to English industrial growth in the late 18th century. The author raises objections to prior criticisms of Williams’s work and uses a Cobb-Douglas model to demonstrate the quantitative importance of this contribution.

❗Conclusion

The paper concludes that colonial slavery increased British national income, boosted the pool of investable funds, and resulted in a trade pattern that encouraged industrialization, reaffirming aspects of Williams’s thesis.

👁️ Key Findings

• Confirms the significant role of slave colonies in British economic growth.
• Highlights the quantitative importance of slavery-related profits for industrialization.
• Challenges earlier critiques of the Williams hypothesis, evidencing support for a complex relationship between slavery and economic development.

✅ Similarities

• Aligns with the views presented in earlier works by Anstey (1968) and Coetho (1973) regarding the economic impacts of colonial trade. Colonialism
• Explores themes consistent with Darity’s model on the implications of trade on European technology and African socio-economic disruption. Darity Model

⚔️ Differences

• Differentiates from Engerman (1972, 1975) and Drescher (1977) in terms of the interpretation of slavery’s profitability and economic contributions.
• Offers a distinct approach to Williams’s ideas by employing a simpler Cobb-Douglas model, contrasting with other methodologies used in critiques.

📖 Content

1: Introduction

• Overview of Eric Williams’s argument in Capitalism and Slavery.
• Discussion of the relevance of coerced labor for economic growth in Jamaica.
• Contrast between Williams’s views and criticisms surrounding the profitability of slavery.

2: The Role of Coerced Labor

• Darity’s assertion on the necessity of African labor in early capitalism.
• The mechanics of slavery as a solution to labor shortages in colonization efforts.
• Exploration of the impacts of coerced labor on economic structures.

3: Critiques of the Williams Hypothesis

• Examination of various criticisms directed at Williams’s work:
  • Anstey (1968), Thomas (1968), Coetho (1973): damaging effects on Williams’s thesis.
  • Engerman (1972, 1975) and Drescher (1977): continued critiques focusing on the significance of the British West Indies’ contribution.

4: Insights from the Darity Model

• Introduction of Darity’s model emphasizing:
  • Mercantilism in Marxian primitive accumulation.
  • Distinctions between wage labor and slave labor.
• Learning curve for European technology derived from the transatlantic slave trade.
• Retrogression in Africa due to social disruption and depopulation.

5: Economic Connections Between Slavery and Britain

• Analysis of the triangular trade’s role in British economic prosperity.
• Reference to the Navigation Acts and their influence on commercial policy.
• The ambiguity in defining the ‘something about slavery’ in relation to British economic growth:
  • Profits from the slave trade.
  • Overall value derived from the British West Indies.

6: Broader Implications

• Summary of how Williams’s thesis relates to the rise of mature capitalism.
• Discussion of economic growth indicators alongside the expansion of slavery.
• Challenges of quantifying the impact of slavery on the Industrial Revolution.

7: Conclusion

• Reflection on the complexities of the Williams thesis and its interpretations.
• Need for clearer definitions when evaluating connections between slavery and economic growth.
• Suggestion for further research to refine the understanding of these relationships, considering the diverse perspectives and critiques presented.