The argument that capitalism was dependent on slavery is, of course, not new. In 1944, Eric Williams, in 'Capitalism and Slavery,' made the case.

Just as much as the United States mattered to cotton, cotton mattered to the United States. Cotton reinvigorated slavery, established the young nation's place in the global economy, and eventually helped create the political and economic conflicts that resulted in civil war.

Even before the expansion of slave labor in the South and into the West, slavery was already an important source of northern profit, as was the already exploding slave trade in the Caribbean and South America. Banks capitalized the slave trade, and insurance companies underwrote it.

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