The American capitalist economy was built on slavery and continues to function based on the same logic and values of extraction and profit.
“The institution of slavery turned a poor, fledgling nation into a financial powerhouse, and the cotton plantation was America’s first big business. Behind the system, and built into it, was the whip.”
The cotton plantation economy was too big to fail, so they did nothing to change it. The banking system was built on the profits of slavery. It was too big to fail, so the state (representing the monopoly of the use of force) bailed out the banks (representing the value system applied to human labour).
Episode 2: The Economy That Slavery Built
The institution of slavery turned a poor, fledgling nation into a financial powerhouse, and the cotton plantation was…
Monopoly on violence
The monopoly on violence or the monopoly of the legitimate use of physical force is a core concept of modern public…