Sven Beckert and Seth Rockman: How Slavery Led to Modern CapitalismRoundup: Historians' Take
Sven Beckert and Seth Rockman, historians at Harvard University and Brown University respectively, are co-editing "Slavery's Capitalism: A New History of American Economic Development," to be published by University of Pennsylvania Press in 2013. The opinions expressed are their own.
When the New York City banker James Brown tallied his wealth in 1842, he had to look far below Wall Street to trace its origins. His investments in the American South exceeded $1.5 million, a quarter of which was directly bound up in the ownership of slave plantations.
Brown was among the world's most powerful dealers in raw cotton, and his family’s firm, Brown Brothers & Co., served as one of the most important sources of capital and foreign exchange to the U.S. economy. Still, no small amount of his time was devoted to managing slaves from the study of his Leonard Street brownstone in Lower Manhattan.
Brown was hardly unusual among the capitalists of the North. Nicholas Biddle's United States Bank of Philadelphia funded banks in Mississippi to promote the expansion of plantation lands....
The story we tell about slavery is almost always regional, rather than national. We remember it as a cruel institution of the southern states that would later secede from the Union. Slavery, in this telling, appears limited in scope, an unfortunate detour on the nation's march to modernity, and certainly not the engine of American economic prosperity.
Yet to understand slavery's centrality to the rise of American capitalism, just consider the history of an antebellum Alabama dry-goods outfit called Lehman Brothers or a Rhode Island textile manufacturer that would become the antecedent firm of Berkshire Hathaway Inc....
comments powered by Disqus
- Snopes debunks slavery Internet meme
- Revamped Chinese History Journal Welcomes Hard-Line Writers
- Poll: 3 Out of 5 Texan Trump Supporters Want Secession if Hillary Clinton Is Elected
- The Psychiatric Question: Is It Fair to Analyze Donald Trump From Afar?
- Minorities still feel Eugene, Oregon’s historical link to the Ku Klux Klan
- Ernst Nolte, Historian Whose Views on Hitler Caused an Uproar, Dies at 93
- Japan should give formal apology for wartime aggression, says historian
- Historian Benjamin Madley says what whites did to Indians in the 19th century in California was genocide.
- Kevin Baker says America needs to bring back political machines
- Covell Meyskens uses his blog to show what life was like under Mao. (Interview)