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    6A - Capitalism and Slavery Chapter 7

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    vernon white
    This chapter discusses Britain's shift from mercantilism to capitalism between 1783-1833. It argues that the loss of the American colonies as a major market, along with innovations in iron and cotton production, disrupted the mercantile system and facilitated Britain's adoption of free market capitalist principles like laissez-faire. Technological advances increased industrial output and the labor force. Meanwhile, Britain's colonies could no longer meet the growing demand for raw materials, forcing Britain to trade more openly with other nations and further develop capitalism over mercantilism.

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    6A - Capitalism and Slavery Chapter 7

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    vernon white
    147 views4 pages
    This chapter discusses Britain's shift from mercantilism to capitalism between 1783-1833. It argues that the loss of the American colonies as a major market, along with innovations in iron and cotton production, disrupted the mercantile system and facilitated Britain's adoption of free market capitalist principles like laissez-faire. Technological advances increased industrial output and the labor force. Meanwhile, Britain's colonies could no longer meet the growing demand for raw materials, forcing Britain to trade more openly with other nations and further develop capitalism over mercantilism.

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    This chapter discusses Britain's shift from mercantilism to capitalism between 1783-1833. It argues that the loss of the American colonies as a major market, along with innovations in iron and cotton production, disrupted the mercantile system and facilitated Britain's adoption of free market capitalist principles like laissez-faire. Technological advances increased industrial output and the labor force. Meanwhile, Britain's colonies could no longer meet the growing demand for raw materials, forcing Britain to trade more openly with other nations and further develop capitalism over mercantilism.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    147 views4 pages

    6A - Capitalism and Slavery Chapter 7

    Uploaded by

    vernon white
    This chapter discusses Britain's shift from mercantilism to capitalism between 1783-1833. It argues that the loss of the American colonies as a major market, along with innovations in iron and cotton production, disrupted the mercantile system and facilitated Britain's adoption of free market capitalist principles like laissez-faire. Technological advances increased industrial output and the labor force. Meanwhile, Britain's colonies could no longer meet the growing demand for raw materials, forcing Britain to trade more openly with other nations and further develop capitalism over mercantilism.

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    © All Rights Reserved
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    Download as docx, pdf, or txt
    of 4

    Capitalism and Slavery by Dr.

    Eric Williams

    Chapter 7: The Development of British Capitalism 1783-1833

    Capitalism: Trade, industry and the means of production are largely or entirely privately owned

    and operated for profit.

    Mercantilism: Governmental regulation of a nation’s economy for the purpose of augmenting

    state power at the expense of rival national powers. It is a zero sum game meaning that any

    wealth gained by one was lost to the other.

    Enlightenment Ideas displayed

    Adam Smith

    - Laissez Faire

    - Free Market

    - National Wealth was equated to labour and not to the country’s quantity of gold and

    silver (Bullionism)

    This chapter is mainly about the shift of Great Britain from the mercantilism to capitalist due to

    the influence of the Industrial Revolution and the lost of America as a colony

    The first paragraph of this chapter tells that the due to American Independence, England lost a

    major market for its manufactured goods therefore mercantilism acted as a break to its economic

    development thus facilitating the shift to capitalism.

    In June, 1783 the Prime Minister, Lord North said that the abolition of slavery was impossible as

    the trade had become necessary to almost every nation in Europe.

    1
    As more efficient methods came about such as producing iron using coal, James Watt second

    patent and Henry Cort’s Puddling method. These resulted in the cotton industry gaining a huge

    number of technological advances which brought about a larger production rate, output, number

    of workers and manufactories. This also improved the iron industry as new products were on the

    market, these being:

    Machines with interchangeable parts

    - Screws

    - Tools for the machines

    - Bridges

    - Ships

    - Rails

    - Gas and Water mains

    - Pillars

    - Rails

    - Iron Paving

    - Iron Chapel at Bradley

    This also led to a larger labour force especially in the cotton industry

    “Cotton was raising men like mushrooms”

    - In 1788 350,000 workers in the industry

    - In 1806 800,000 workers in the industry

    2
    As the industries became more industrialized their material need also increase, but the

    colonies could not meet these demands as shown by the sugar island provided seven tenths of

    British Cotton in 1786-1790 in 1826-1830 one fiftieth and in 1846-1550 less than one-

    hundredth. Thus mercantilism which depends on the preferential trade with the colonies

    would slow down their production due to the lack of supply.

    With the development of the free market England would be able to gain the supply they need,

    as shown by their establishment of trade with Australia for cotton. This is also shown by

    England increase in trade with other countries such as France and the United States thus

    justifying this statement, showing that their preferential closed market was now

    “The Sugar planters’ who had for so long enjoyed an unquestioned right to a box seat could

    now barely find standing room.”

    Free Market

     West Africa traded for Palm Oil

     France

     USA

    3
    Key

    - P = Product Price

    - S= Supply

    - D= Demand

    - Q= Quantity

    Due to the slave trade the demand for manufactured goods such as clothing, tools of control

    ships, machines and railways, England being the main supplier of these and produced the

    best quality and sold it for the cheapest price resulted in their becoming the major supplier

    and the development of their free market thus cementing their shift from mercantilism to

    capitalism.

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