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.

Starting in the early 1800s, Southerners in the United States began to defend slavery as their 'peculiar institution,' and northerners didn't mind, since the phrase suggested that chattel bondage was quarantined from the rest of the nation: that it was, or soon would be, a relic of its past and would not define its future.

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.

Greg Grandin Quotes