Discuss the factor the led to the capitalist economic development in europe?
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It was not just in Britain that such profits and connections existed. During the 1700s the West Indies accounted for 20% of France’s external trade – much more than that for the whole of Africa in the present century.
The Portuguese made enormous profits from the transatlantic slave trade. Perhaps unfortunately for Portugal, much of this money passed rapidly out of Portuguese hands into the hands of the more developed Western European nations. These more developed nations supplied Portugal with loans, ships and trade goods. Germany was one of these countries, along with Britain, Holland and France.
The transatlantic slave trade had a huge ‘ripple effect’ in terms of trade within Europe and beyond. Brazilian dyewoods, for example, were re-exported from Portugal into the Mediterranean, the North Sea and the Baltic, and passed into the continental cloth industry of the 1600s .
According to Eric Williams, by the middle of the 18th century there was hardly any British town of any size that was not in some way connected to the transatlantic slave trade or colonial rule. Thus, the accumulation of wealth (or ‘capital’) in Britain that helped to fuel the Industrial Revolution was made on the back of the transatlantic slave trade.
The Portuguese made enormous profits from the transatlantic slave trade. Perhaps unfortunately for Portugal, much of this money passed rapidly out of Portuguese hands into the hands of the more developed Western European nations. These more developed nations supplied Portugal with loans, ships and trade goods. Germany was one of these countries, along with Britain, Holland and France.
The transatlantic slave trade had a huge ‘ripple effect’ in terms of trade within Europe and beyond. Brazilian dyewoods, for example, were re-exported from Portugal into the Mediterranean, the North Sea and the Baltic, and passed into the continental cloth industry of the 1600s .
According to Eric Williams, by the middle of the 18th century there was hardly any British town of any size that was not in some way connected to the transatlantic slave trade or colonial rule. Thus, the accumulation of wealth (or ‘capital’) in Britain that helped to fuel the Industrial Revolution was made on the back of the transatlantic slave trade.
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