Slavery made the slaveholders rich. But it made the South poor. And it didn’t make the North rich. The wealth of the North was based on the emerging, capitalist internal market that allowed the North to win the Civil War. It’s true that cotton dominated the export market. But it’s only something like 5 percent of GDP. It’s really the wealth of the internal northern market that’s decisive. That depends on a fairly widespread distribution of wealth, and that doesn’t exist in the South. There’s a lot of evidence from western Virginia, for example, that non-slaveholders were angry at the slaveholders for blocking the railroads and things like that that would allow them to take advantage of the internal market. So the legacy of slavery is poverty, not wealth. The slave societies of the New World were comparatively impoverished. To say things like, the entire wealth of “the white world” is based on slavery seems to me to ignore the enormous levels of poverty among whites as well as blacks.
Sunday, December 01, 2019
… An interview with historian James Oakes on the New York Times’ 1619 Project - World Socialist Web Site.