the gist from Ed Baptist’s book: The Half Has Never Been Told
Europeans refused to accept any other commodity for the goods they traded with African people except slaves. So while the slave trade existed prior to this time, Europeans intensified the demand. Enslaved people were stored in factories on the coast after they were kidnapped while they waited to be transported across the Atlantic. Different trading companies “branded” people with their logo.
Insurance arose out of a need to secure the cargo of slave ships.
Then once people arrived in the New World it became about extracting as much work out of people (maximizing productivity) before they dropped dead. In order to make sure the return on investment was high enough.
We still use the same system and language in modern capitalist context. Enslaved people weren’t simply the labor, they also became the capital that the entire system was built on too. ‘I work at a historic site that was a former plantation. It was originally purchased using two men, Levon & Sam as the collateral for the loan. In 1865, the 23 people enslaved there were worth more than the land.’
The entire system depends on having an exploitable source of labor.
