5: Economics and financial factors Flashcards
who was the first person to promote this argument
Eric Williams in 1944
when was Capitalism and Slavery published
1944
was Williams critical or supporting of abolitionists?
critical - especially of their ‘saintly’ image. He said that they were selective of what ‘crimes’ they recognised (e.g. not working conditions in mines)
what was William’s argument
the slave system was only challenged in the late 1700s because it was becoming unprofitable.
under scrutiny how has William’s ‘decline thesis’ been treated?
been comprehensively challenged and largely found less persuasive. The weakness is that every action is motivated by economics, focusing too much on one factor.
which historian challenged the idea
Seymour Drescher - he says that abolition of the trade affected the slave economy rather than William’s argument which was the other way round.
how many slave voyages took place between 1500 and 1800
35,000
by the 1790s, which place became the biggest slave trading port in the world
Liverpool - most of the voyages left from here. Claimed 3/7ths of the whole European trade.
what created export markets for the slave merchandise?
networks built up between the West Indies, Britain, the Americas and West Africa.
example of how the slave ports became centres of excessive wealth
the merchant homes on Bristol’s Clifton Down or Glasgow’s tobacco mansions.
in Bristol how much of people’s income was slave-based
in the 1780s, 40%
from 1780s-1800s, what percent of Britain’s textile output went abroad?
87% - mainly to African markets.
traders would load their ships with British goods and then use these as…
bargaining counters when they arrived on the African coast in return for slaves. Mainly these were guns and ammunition and cloth/textiles.
between the wars with France, Britain had to rely on which markets?
african markets alone, given that their European buyers were temporarily excluded.
slave economy promoted what..
the growth of other industries such as textiles
Adam Smith’s economic theories
he thought that slavery was not as profitable as free labour and that forced servitude takes away motivation to succeed.
slavery was becoming less profitable as increased efforts were having to be made doing what?
subduing slave rebellions a great cost
1 in every 10 voyages..
encountered slave revolts which affected profits
each voyage could return between..
20 and 50% for the traders
nature of slave trade with initial costs
it required a vast outlay of funds to set up the business - ships were expensive and slaves had to be bought.
example of a bank giving loans for the slave trade
Heywood’s in Liverpool (later became part of Barclay’s Bank)
profitable return in Liverpool
often 100% so financially there was felt to be minimal risk
how much did the 1753 ship Ann take to fit out
£3153
how much did the Ann ship earn and how much profit was this
earnt 8000
profits of 4800
harvests and profits
tobacco, sugar and cotton had the potential of generating vasts profits if the harvest was good but this was not all the time. many planters experienced debt because of this.
debt due to failed harvests
by 1788, 12 of the 30 leading merchants in Liverpool had gone bankrupt due to the debt they were owed
2 examples of how the slave trade supported the growth of domestic industries
textiles in Lancashire
ironmongery in Birmingham
what did the historian Stanley Engerman suggest
the trade accounted for at least 5% of the nation’s annual income
evidence to support Eric William’s claims
the losses made merchants across Britain make people think more carefully about investment
evidence to contradict William’s claims
individual profits continued to remain an attractive proposition for private and public investers
what was the Dolben Act and when
1788 - improved the worst of the conditions onboard slave ships by restricting the number of Africans and stipulating a doctor should be present on all voyages
