Economic/Financial Factors As A Cause For The Abolition Of Slavery Flashcards
What economic ideology criticised slavery?
The growth of industrialisation saw an increased belief in the benefits of paid labour as increased motivation to work boosted productivity - slavery seen as a barrier to potential production
What was Eric William’s thesis?
Decline thesis - argued humanitarians were selective in their support and should have broadened it to other areas relevant to Britain (I.e the poor mine conditions for workers)
What did Eric Williams argue humanitarian motives were to abolish slavery?
Argued motivation was based off economic interest - slavery was only challenged in the 1790s when it was becoming unprofitable
Why do historians challenge the Decline Thesis?
Solely basing the abolition of slavery on economic considerations is disregarding other factors
What are the economic arguments against the Decline Thesis?
Slavery still profitable, movements to push abolishing the slave trade did more to decline the slave economy than vice-versa
What were the humanitarian arguments against the Decline Thesis?
Quakers were actively promoting for abolition in the 1770s/80s - just lacked public support as more profitable
How many slave voyages were there between the 16th and 19th century?
35,000
What was the biggest slave port in the world in 1790?
Liverpool - controlled 3/7 of European trade
How did the slave trade have economic implications within Britain?
Created job opportunities international markets increased demand for industrialised goods, so supply had to increase
What % of Bristol’s income was based off the slave trade in 1780?
40%
What were African markets main demand from Britain?
Textile goods - 87% of British textile output between 1803-07 went to West African markets
What occurred in 1793 increasing reliance on trade?
Napoleonic wars
How was the abolition movement able to gain momentum through economic ideas?
Laissezz-faire ideology, arguments that slavery was not cheap or efficient as paid labour as people more motivated to work if happy
What other economic issues were being caused in slavery?
Payment of enforcement due to slave rebellions damaged profits
What was the average annual profit in slavery in the 1790s?
Around £3 million in profits
What issues were being caused on slave ships that damaged profits?
1 in 10 ships suffered from slave uprisings
How were slave ships able to be built?
Investments from banks (Heywoods in Liverpool) - always happy to give loans due to 100% profit so minimal risk
Why were banks becoming less willing to give loans to build ships?
Greater risk due to lack of guarantee of safety of ship, if slaves successfully took over then banks lose all money
What economic issues were being created for planters?
Volatility of tobacco, sugar and cotton harvests created vulnerability for planters - becoming more of an issue in the late 1700s as more investment (greater scale) of slavery increased pressure
Between 1772-1778, how much did Liverpool merchants lose on slavery?
£700,000
How many Liverpool banks were bankrupt by 1788, and what economic issues did that cause?
12/30 bankrupt- banks less willing to lend for slavery as risk of losing business if investment failed
What industry saw significant positive impact from slavery in Britain.
Textile, mainly in Lancashire - estimate slavery accounted for 50% of income
Why did losses made by merchants not lead to the immediate abolishment of slavery?
Profits remained (3 million a year) so investment interest still remained as there were opportunities to make money
What was the Dolben Act in 1788?
A restriction on the number of slaves a ship could carry based off their weight
Why can the Dolben Act be used as an argument that economic benefits of slavery outweighed humanitarian views?
The Dolben Act was only done to improve the health of slaves to ensure profits were retained
What occurred in the 1790s worsening price of sugar for planters?
Sugar boycott by over 300,000 Britains, large drop in demand for goods
