The Importance Of The British Industrial Revolution

The British Industrial Revolution had occurred from the mid 1700s to mid 1800s. The slave trade or rather the triangular trade was a major trade between Britain, Africa, and West Indies and the Americas. Britain had traded manufactured goods to Africa, who then traded slaves to the plantations and they then traded produce goods like sugar and cotton. This trade played a significant role in the British history and economy. According to Eric Williams book, Capitalism and Slavery, the slave trade a played a key role in the funding of Britain’s industrial revolution, â€Å"The profits obtained provided one of the main streams of that accumulation of capital in England which financed the Industrial Revolution† (Williams 52). The profits that†¦show more content†¦Richard B. Sheridan’s, Sugar and Slavery: An Economic History of the British West Indies, 1623-1775, cites Adam Smith’s final paragraph from the book, Wealth of Nations, â€Å"a project which has cost, which continues to cost, and which, if it is pursued in the same way a s it has been hitherto, is likely to cost immense expence, without being likely to bring in any profit† (Sheridan 5-6). Adam’s point of the lack of profit brought in to Britain was later argued by Eric Williams in his book. Even though Adam Smith had argued the lack of profits made from the trade, many did not and still do not agree with his view point. Eric Williams himself had argued against Smith in his own book, â€Å"Adam Smith, the intellectual champion of the industrial middle class†¦ later propagated the argument that it was, in general, pride and love of power in the master that led to slavery and that, in those countries where slaves were employed, free labor would be more profitable† (Williams 5-6). Williams had basically argued Smith’s economic view and said the anything but free labour is expensive and costly. As Adam thought the West Indian islands to drain money, Williams called him an economist who thinks slavery costs money but free labour does not. Even with Smith’s though, many people now days think that the profits made from the slave trade helped fund the industrial revolution. Dr. Alan Rice and Dr. Emma Poulter had referenced Williams, book Capitalism and Slavery, â€Å"The historian EricShow MoreRelatedThe Decline Of The Industrial Revolution1462 Words   |  6 Pagesbeing due to Britain s culture, institutions or just luck. This essay will argue for the abundance of cheap coal and a ready workforce and industrial capitalism as major factors in the industrial revolution. The industrial revolution was characterised by a slow and steady continuous economic growth which has begun in the 15th century. 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