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From mercantilism to the abolition of slavery

In the mercantilist struggle for wealth, the sixteenth-century Caribbean represented a significant hope for Spain. This changed after precious metals were identified on the mainland and the looting of the wealth of the indigenous peoples had begun.

The Caribbean islands then became secondary way stations. For Spain's rivals, the initial method for acquiring mercantile wealth was licensing pirates to steal bullion from Spanish ships. It was not until the seventeenth century that the other pillar of mercantilism began to transform the Caribbean. By the middle of the eighteenth century, the entire region had been colonized and trade in tropical crops was well established. The generation of wealth expanded rapidly, especially with the introduction of sugar production based on the labor of slaves captured on the West Coast of Africa.

Caribbean development proceeded unevenly, even where sugar came to be a main crop. This can be seen in the shift from crops like tobacco, which were grown by small settlers utilizing their own labor, to sugar, which requires production on a large scale. Examples of such a shift in principal export crops can be seen in Barbados in the middle of the seventeenth century and the Dominican Republic at the end of the nineteenth century. Differential development is also evident in dates for the final abolition of slavery; starting with the Haitian revolution, 1804, and ending in Cuba, 1886. Economic thought during these years is often found in works of writers who focused more on historical, philosophical, political, sociological, or literary matters. Alternatively, it is seen in the debates around policy issues which took place in local representative institutions or in newspapers, journals, and pamphlet literature. For concerns of the ordinary citizens one needs to examine the reports of the officers whose responsibility it was to record them, or to follow the demands associated with revolts, riots, and other mass protests which contributed to significant changes during Caribbean history.

These included the abolition of slavery and modifications of constitutional arrangements.

The rights of the colonies vis-a-vis the metropolitan governments, including the powers of local councils where they existed as against those of the colonial officials, was a major issue. Taxation was a common source of dispute, as was the trading monopoly imposed by the mother country. In British colonies, such issues were a source of friction between the governors and the assemblies; in Spanish colonies they led to demands for autonomy and ultimately independ­ence. The latter calls were often associated with abolitionist ideas. Associated with abolitionist thinking throughout the region were works which sought to vindicate persons of African heritage from the racist slurs which were deployed in an effort to restrict their progress. A variety of other issues also received attention in the nineteenth century; for example, the viability of post­slavery economies; application of new technologies; development of new ventures including those for the local market; and regionalism. The latter included proposals by Spanish Caribbean writers for an Antillean Confederation focused on the Greater Antilles; while Britain promoted federal arrangements in the Eastern Caribbean, but faced opposition from local assemblies.

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Source: Barnett Vincent (ed.). Routledge Handbook of the History of Global Economic Thought. Routledge,2015. — 359 p. 2015

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