Profits often ran as high as two or three
hundred percent, and were an important part of the European
economy. These profits provided much of the capital which helped
to spur on the industrial revolution. When Queen Elizabeth, in
1562, heard that one of her subJects, John Hawkins, had become
involved in the slave trade, she was very critical and commented
that he would have to pay a very high price for dealing in human
lives. However, when she was confronted with a copy of his
profit ledger, her moral indignation softened, and she quickly
became one of the members of the corporation. Some merchants
were hit hard by the risks accompanying the slave trade and
suffered financial disaster. The possible profits were so high,
however, that other merchants were always eager to venture into
this field and new capital was ever lacking.
The industrial revolution, which was partly financed by the slave
trade, eventually abolished the need for slavery. The
humanitarian outcry against both the slave trade and slavery
which occurred at the end of the eighteenth century and swelled
in the early nineteenth century, became a significant force as
the need for slave labor diminished.
Pages:
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63