The Business of Slavery

The Business of Slavery examines the economic and commercial aspects of the American slave trade between 1815-1860, with focus on the merchants, bankers, and businesspeople who profited from human trafficking. Through extensive research of business records and correspondence, Schermerhorn traces how slavery became integrated into the nation's financial systems. The book reveals the networks of traders, investors and facilitators who developed sophisticated business practices to expand slave trading operations across state lines. Key figures include prominent merchants in New York, New Orleans, and Richmond who built their fortunes through both legal and illegal trafficking of enslaved people. Stories of enslaved individuals are woven throughout the financial narrative, documenting their experiences within this business system. Schermerhorn analyzes how enslaved people were transformed into financial instruments through practices like mortgages, insurance, and futures trading. This work challenges common perceptions by demonstrating how northern capitalism and southern slavery were deeply interconnected, rather than opposing forces. The book argues that modern American business practices have roots in the strategies developed by slave traders.

Readers note that Schermerhorn takes a fresh approach by examining slavery through a business and financial lens rather than focusing on morality or social aspects. The book details how banks, shipping companies, and merchants profited from the slave trade. Readers appreciated: - Clear documentation of financial networks and business practices - New insights into how slavery was integrated into the American economy - Accessible writing style despite complex subject matter Common criticisms: - Too much focus on statistics and business minutiae - Limited coverage of the human impact of slavery - Some readers found parts repetitive Review Sources: Goodreads: 4.1/5 (31 ratings) Amazon: 4.3/5 (12 ratings) Google Books: 4/5 (8 ratings) One reader noted: "Important perspective on how slavery wasn't just about plantation owners - it built fortunes for many Northern businesses too." Another commented: "Heavy on financial details but light on the human story."

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🔷 Schermerhorn reveals how slave traders used cutting-edge financial tools of their era, including lines of credit and complex insurance policies, making slavery deeply intertwined with early American capitalism 🔷 The book documents how slave traders created sophisticated business networks spanning from Virginia to New Orleans, using methods similar to modern supply chain management 🔷 Many prominent banking institutions that still exist today, including Barclays and Citizens Bank, had historical connections to the American slave trade through financing and insurance 🔷 The domestic slave trade generated approximately $12 billion in revenue (in today's dollars) between 1820 and 1860 in Virginia alone 🔷 Author Calvin Schermerhorn is a professor at Arizona State University who specializes in the intersection of capitalism and slavery in American history, and has written multiple award-winning books on the subject