Worth reading article on how slavery was the backbone of Capitalism in USA. Slavery was as common in Northeast as in Mississippi delta. Some excerpts from article; 

“If capitalism, as many believe, is about wage labor, markets, contracts, and the rule of law, and, most important, if it is based on the idea that markets naturally tend toward maximizing human freedom, then how do we understand slavery’s role within it? No other national story raises that question with quite the same urgency as the history of the United States: The quintessential capitalist society of our time, it also looks back on long complicity with slavery. But the topic goes well beyond one nation. The relationship of slavery and capitalism is, in fact, one of the keys to understanding the origins of the modern world.”

“In these accounts, slavery was just as present in the counting houses of Lower Manhattan, the spinning mills of New England, and the workshops of budding manufacturers in the Blackstone Valley in Massachusetts and Rhode Island as on the plantations in the Yazoo-Mississippi Delta. The slave economy of the Southern states had ripple effects throughout the entire economy, not just shaping but dominating it.”

For the first half of the 19th century, slavery was at the core of the American economy. The South was an economically dynamic part of the nation (for its white citizens); its products not only established the United States’ position in the global economy but also created markets for agricultural and industrial goods grown and manufactured in New England and the mid-Atlantic states. More than half of the nation’s exports in the first six decades of the 19th century consisted of raw cotton, almost all of it grown by slaves. In an important book, River of Dark Dreams: Slavery and Empire in the Cotton Kingdom (Harvard University Press, 2013), Johnson observes that steam engines were more prevalent on the Mississippi River than in the New England countryside, a telling detail that testifies to the modernity of slavery. Johnson sees slavery not just as an integral part of American capitalism, but as its very essence. To slavery, a correspondent from Savannah noted in the publication Southern Cultivator, “does this country largely—very largely—owe its greatness in commerce, manufactures, and its general prosperity.”

Much of the recent work confirms that 1868 observation, taking us outside the major slaveholding areas themselves and insisting on the national importance of slavery, all the way up to its abolition in 1865. In these accounts, slavery was just as present in the counting houses of Lower Manhattan, the spinning mills of New England, and the workshops of budding manufacturers in the Blackstone Valley in Massachusetts and Rhode Island as on the plantations in the Yazoo-Mississippi Delta. The slave economy of the Southern states had ripple effects throughout the entire economy, not just shaping but dominating it.

Merchants in New York City, Boston, and elsewhere, like the Browns in cotton and the Taylors in sugar, organized the trade of slave-grown agricultural commodities, accumulating vast riches in the process. Sometimes the connections to slavery were indirect, but not always: By the 1840s, James Brown was sitting in his counting house in Lower Manhattan hiring overseers for the slave plantations that his defaulting creditors had left to him. Since planters needed ever more funds to invest in land and labor, they drew on global capital markets; without access to the resources of New York and London, the expansion of slave agriculture in the American South would have been all but impossible. For full article click link below.

http://chronicle.com/article/article-content/150787/

Posted by F. Sheikh