The Business of Slavery and the Rise of American Capitalism, 1815-1860

The Business of Slavery and the Rise of American Capitalism examines the economic systems and networks that facilitated the domestic slave trade in antebellum America. Calvin Schermerhorn details how merchants, bankers, and traders built financial empires through the buying and selling of enslaved people. The book traces the development of slave trading firms from the Upper South to the Deep South, revealing their business practices, financing methods, and marketing strategies. Through case studies of prominent traders and firms, Schermerhorn demonstrates how the slave trade became integrated with emerging capitalist institutions like banks and insurance companies. The narrative follows key players in the slave trade as they navigate financial crises, market fluctuations, and increasing sectional tensions between North and South. Their stories intersect with major economic developments of the era, including the expansion of credit markets and the growth of commodity agriculture. This work challenges conventional distinctions between slavery and capitalism, arguing that human trafficking was central to America's economic development rather than separate from it. The book contributes to ongoing debates about the relationship between racial exploitation and the foundations of modern American business.

Readers note that Schermerhorn provides detailed business histories and market analysis of the domestic slave trade, focusing on specific firms and entrepreneurs. The book examines how slavery functioned as a business enterprise and its role in American economic growth. Readers appreciated: - Thorough research and extensive primary sources - Focus on specific business case studies and firms - Clear explanations of complex financial mechanisms - Connection between slavery and broader economic development Common criticisms: - Dense academic writing style - Too much focus on business minutiae - Limited discussion of enslaved people's experiences - Narrow geographic scope (mainly Virginia to New Orleans) Ratings: Goodreads: 4.0/5 (43 ratings) Amazon: 4.4/5 (14 reviews) One reader noted: "Excellent analysis of the business side of slavery, but could have included more about the human cost." Another mentioned: "The detailed financial records and business correspondence really show how systematic and profit-driven the trade was."

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🔹 The book reveals how enslaved people were used as collateral for loans and investments, effectively turning human beings into financial instruments that helped fuel America's economic growth 🔹 Author Calvin Schermerhorn teaches at Arizona State University and has spent over two decades studying the intersection of slavery, business, and capitalism in American history 🔹 The domestic slave trade moved approximately one million enslaved people from the Upper South to the Deep South between 1815-1860, generating profits equivalent to billions in today's dollars 🔹 Major banking institutions, including Barings Bank of London, provided financing for slave traders and plantation owners, linking American slavery to international financial markets 🔹 The book documents how innovations in shipping and transportation, particularly steamboats on the Mississippi River, were crucial to the expansion of the slave trade and cotton economy