ERIC WILLIAMS. Capitalism and Slavery. Chapel Hill: University of North Carolina Press, 1944. Pp. ix, 245. $29.95.
Capitalism and Slavery is the first and most important work by the late Trinidadian scholar and statesman, Eric Eustace Williams. Based on a dissertation written at the University of Oxford in 1938, entitled “The Economic Aspect of the Abolition of the British West Indian Slave Trade and Slavery,” the work is an “economic study of the role of Negro slavery and the slave trade in providing the capital which financed the industrial revolution in England and of mature industrial capitalism [eventually] destroying the slave system.” More generally, the book documents the historical shift of Britain’s political economy from monopolistic commercial mercantilism based on tropical, Caribbean islands with black-plantation slavery to laissez faire commercial capitalism based on white free-labor factories in temperate, Continental regions. In doing so, it challenges one-hundred years of British imperial historiography by making the controversial argument that the causes of abolition and emancipation were economic, not humanitarian. Although too cynical in its conclusions, and slightly contrived in its teleology, Capitalism and Slavery is one of the most effective, creative, powerful, and influential history books that has ever been written.