Over the past two decades, the New History of Capitalism has transformed debates about Western development by restoring slavery to the center of the story of modern economic growth. A burgeoning literature now contends that slavery was not simply a moral atrocity intertwined with capitalism but the essential engine that powered the rise of the Atlantic economy itself. According to this interpretation, slave labor generated the capital accumulation, commodity production, and financial sophistication that made the modern West rich. When British politician Kemi Badenoch publicly opposed this argument, critics accused her of minimizing slavery’s economic significance. Yet the central empirical difficulty with the enrichment thesis remains unresolved: if slavery is such a powerful generator of prosperity, why did societies organized around slavery remain poor for most of human history, despite slavery existing across nearly every major civilization?
The Myth of Slavery as an Engine of Growth
Slavery enriched slaveholders but not societies, which is why slave economies consistently lagged in growth, innovation, and industrial development across history.
