THE GREW OF CAPITALISM AN EUROPE

THE MEANING OF CAPITALISM

There is no one consensus definition for the term capitalism. It can be defined as an economic and political system in which individuals own economic resources and major means of production. In other words the social and economic system based on private property in the means of production and exploitation of wage labour by capital. It can also be explained an economic system whereby money-generating tools, like land, factories, and businesses are privately owned by individuals. It is the mode of production developed in Europe upon the demise of feudalism, in which people’s efforts were directed on the accumulation of capital.

Characteristics of capitalism

Private ownership of major means of production. In a capitalist economy, capital assets such as factories, mines, land and businesses are privately owned and controlled by the capitalists. It contradict the socialist idea of collective ownership

 Less Government Intervention. Unlike socialism that believes in the central control of economy, capitalist societies believe markets should be left alone to operate without government intervention.The role of government is limited to the protection of rights of citizens and maintain an orderly environment that facilitates proper functioning of markets

v Existence of classes. Capitalism is featured with the split of population into two antagonistic classes; capitalists who own the means of production and workers who sell their labour to the capitalists class in exchange of wages.

v Exploitation. Capitalism is exploitative system. The fruits of workers efforts are enjoyed by the minority class of industrial owners. Capitalists’ motive is always to make profit at the expenses of workers.

THE TRANSITION FROM FEUDALISM TO CAPITALISM

Feudalism was the second exploitative mode of production in which the major means of production based on land. The term feudalism is derived from the Latin ‘feudum’ which means a piece of land for rent. Few people dominated huge portions of land and distributed to the majority landless for rents. In many respects, the amount of land one owned was a measure of one’s wealth and power in society. The more land one had, the higher he was seen as being in terms of social standing and influence. Many transactions would involve the exchanging of land instead of the exchanging of monies. Thus, land was the major mean of production during feudalism.

Characteristics of Feudalism

* The major means of production based on land. Man in this stage had already mastered his environment, was cultivator and animal keeper. Land therefore became the major means of production

* Private ownership of major means of production. Land as the major mean of production was no longer collectively owned under this ode of production, but all owned privately by individual person called feudallords or landlords

* Exploitation of man by man. Peasants/tenants were victims of exploitation by their feudal lords. Exploitation was effected through renting. Feudalords’ lives substantially depended on their tenant’s rents and services.

* Political developments. As agriculture kept people permanently there emerged complex communities like Buganda, which in turn demanded strong political authority to govern people in distribution of land and many other duties. Here there was development of political systems

* Existence of classes. The society in this mode of production was divided between the land owners who were dominant and tenants whose lives depended on renting land from the former.

FEUDALISM IN EUROPE

After the collapse of Roman Empire, came a period called middle Ages, or medieval times. The outstanding feature of medieval Europe was feudal system. Though can be traced from the period of decline of Roman Empire (476) it was not until 9th century when feudalism as a socio-political system flourished in Western and Central Europe and then spread to other parts of the continent. Initially, the Roman Empire had united all the land during its dominance. When the empire fell in the late fifth century, that unity was lost. Western Europe was divided into many kingdoms which were divided into thousands feudal territories.

 At the top of the pyramid was the king. But the king could not control all his land by himself in practice, thus distributed land to the wealthy land owners (nobles and bishops).

 Next came nobles (wealthy landowners) and bishops (high-ranking church members). The nobles gave pieces of their land to lesser nobles called vassals

Vassals. These plots of land were called fiefs. These were warriors known as knights, thus in return for the land; the knights owed his lord service in the army.

 Peasants. At the bottom of society were the peasants. Most peasants were serfs. Serfs were people who lived and worked on the land belonging to a lord or a vassal. In return, the nobles granted them shelter and protection.

The huge portion of feudal land was called manor. The lord ruled the manor, and peasants worked the land. Some peasants were freemen, who paid the noble the rights to farm the land. They had rights under the law and they could move whenever and wherever they wished. Some peasants were serfs. These had no great freedom. They could not leave or marry without their lord’s approval. They were granted land, and in return they worked long hours on the lord’s land and performed different services. Serfs were not enslaved however.

The Catholic Church dominated economy and political life

Throughout medieval Western Europe, daily life revolved around the Catholic Church. Church was very powerful and to some extent church was above the state. The representatives of the church were the bishops, had also political power, and possessed huge portions of land. The church received a ten percent tithe from everyone, making some bishops incredibly rich. The priests ran schools and hospitals.

FACTORS FOR THE DECLINE OF FEUDALISM IN EUROPE

There were many causes for the breakdown of the feudal system. These factors include flaws within the feudal system as well as external forces that created necessary circumstances for transition during medieval period.

* Commercial revolution. One of the important factors that led to the transition from feudalism to capitalism was the expansion of trade. During the early middle ages, people bartered. As trade increased demand for gold and silver coins rose, this led to international trade. Thus, international trade was an integral part of feudal life, supplying the demands for luxury of the feudal lords. The new emerged class of merchants started to transform society, from subsistence to an economic one. The landlords began to perceive themselves as businessmen. Gradually, land ceased to be as valuable as it once was. In this sense, Europe started transforming from a land based economy to a capital based economy.

* Growth of towns and cities. Historians emphasize the growing urbanization to be crucial link in the decline of feudalism. As trade increased, towns grew larger, and several cities became wealthy from trade. Towns developed around markets and along cathedrals and monasteries. For example the city of Venice became among the major trading centres. These provided alternative employment opportunities, something that encouraged many people to go and work in the urban areas, thus destroying the feudal classifications of society

* Effects of the Black Death disease. The weakening of feudalism is also accounted as an outcome of a terrible plague, known as Black Death swept across Europe. The disease swept away across Asia in 1300s and reached Europe in 1347. Over the next two centuries, this terrifying disease killed millions in Europe. It struck all kinds of people, rich, poor, young and old. It was called Black Death because of the black spots which appeared on the skin once one is infected. Almost everyone who caught the disease died within days. The death of so many people in the 1300s turned Europe’s economy upside down. It created great shortage of labour, thus helped to weaken the feudal system.

* Political instabilities. The plague was not only the problem in medieval Europe. Many people lost their lives in a series of unabated interstate and civil wars dominated Europe during medieval. For example, the English and French went to war with each other, in 1337 when English king Edward III declared himself the new king of France. This angered Frenchmen and the war began. It lasted for over 100 years and the English were finally defeated in 1453. England was then followed by the wars of roses. The war was between nobles about who should be the king. The civil wars like plague, helped to weaken the feudal system. 

* Population growth. Some historians suggest that the change in demographic patterns caused the disintegration of the feudal economy. Economic growth in the medieval age gave impetus to high population growth which in turn gave a death blow to the feudal system. Due to the increase of birth rates and decrease of mortality, the number of people had in European communities risen from time to time. No doubt that population had long term changes in the economic structures of European communities. Rise of population had provided conducive environments for the development of capitalism. Firstly, it led to urbanization. Secondly it promoted development of both trade and industries. 

* Peasant Revolts. Peasants’ uprisings were very common in the late 14th century. Peasants realized their worth and demanded changes. The angry peasants in all over Europe revolted against heavy taxes and generally exploitation by their landlords. They attempted to kill their landlords and run away from their masters. The increasing tension between the common peasants and their lords led to the decline of feudalism.

AGRARIAN REVOLUTION

The Agrarian Revolution is the phrase given to the fundamental changes took place in agricultural sector from sixteenth century. It can in other words be defined as a gradual transformation of the traditional agricultural system into modern ways of agriculture, took place in English societies.

Between Sixteenth and eighteenth century English societies underwent enormous changes inagricultural sector. These fundamental and unforgettable changes involved changes in land tenure, the organization of production, and the adoption of new methods of production. Witnessed the smallholding peasant farming gave way to larger capitalist farms, with more application of science and technology. This not only enabled English farmers to produce more food and raw materials for growing industries, but decreased the number of people working on the land, thus releasing labour for industrial work in towns and cities. This is what is known in world history, as ‘agrarian revolution.’

Though the roots of the revolution go back as far as the late medieval period, it was not until the 18thcentury that these transformations really accelerated and began to drastically change the way people lived and, at the same time, changed the English landscape forever.

From open field to enclosure system

The term field system means the manner in which the inhabitants of a certain area subdivided and tilled their land.The dominant farming system used in Europe before the enclosure movements was Open-field system. This was a system of agriculture in which large fields were divided into strips that were farmed by individual peasants. In the open field system, the peasants owned nothing; they did not own even the land they farmed. The land was granted to them by the land owners and they were obliged to pay rents for the use of land. Everything they owned, homes, animals, and properties belonged to land owner as the lord of the manor. Agriculture during this time faced several problems.

o Sowing system was haphazardly, whereby farmers planted by carrying the seeds in a bag and walking up and down the field randomly throwing or broadcasting the seed on to the ground. Much of seeds were left on the ground and eaten by craws

o Fallowing system. Land was left for a couple of years to regain its fertility naturally. This resulted to low yields.

o Furthermore, crude tools were used in production. No machines had been employed in cultivation, largely hoes and other simple tools

o Land was distributed into small scattered farms most of which were located far from their owners.

o The common and waste lands were used for grazing animals and as a source of wood. These lands remained unploughed (wasted).

As the time went on, the old system started to crumble, the so called ‘enclosure system’ came into its replacement. Enclosing land means the small owned farms were brought or taken away from poorer farmers and turned into large enclosed farms owned by a richer farmer. This means small farmers were forced off their land. Only prosperous land owners could afford the methods and crops. By 1700, only about half of farmland in England still used the open field. The rest had been enclosed by Acts of parliament.

What the fundamental changes took place in agriculture?

* Enclosures system. One of the prime changes brought on by the agrarian revolution was enclosure, theprocess whereby small landholdings were amalgamated to create one larger farm, and these large tracts of land were fenced in. This replaced the open field system of scattered strips of land in large, unfenced fields that existed in middle ages Europe.

* Crop rotation. Crop rotation is the practice of growing a series of dissimilar types of crops in the same area in sequential seasons to avoid depleting the soil and to control diseases, and pests. Farmers had now learnt how crop could be rotated to improve the nitrogen in the soil instead of just leaving land to fallow.

* Mechanization. Equally important were the introduction of new farm machinery. Initially, labour of farms had always been done by hands. This was harder to do now with bigger farms during agrarian time. Jethro Tull invented a Seed Drill which mechanised the traditional practice of scattering seeds by hand. The Seed Drill not only planted seeds at regular intervals but also planted them at the right depth and covered them with earth. John Deer had invented plough.

* The use of fertilizers. The old fallowing system was replaced with artificial fertilization. Initially land was left for a couple of years to regain its fertility naturally. Now, with agrarian revolution fertilizers were invented and helped to increase production

* Land reclamation. Farms also increased in size because of land reclamation. Those areas which were previously not suitable for agricultural undertaking were reclaimed and became useful. Marshlands were drained, forests were cleared and poor soil was enriched and used more.

* Selective breeding. Farmers began selective breading of both animals such as sheep and cattle and plants. The farmers could now select the best animals to breed to produce the biggest healthiest and better offspring. This produced more milk, meat and wool

What caused agrarian revolution?

* Great demand of raw materials, especially wool. Wool was needed for both internal industries and external trade. It became necessary to expand wool production when the prices went up in the world markets. The former open field system could not produce the required amount for both internal use and export.

* Demand for food following the increase of population. The size of population in European communities increased from time to time. Growing food grains became highly profitable with food grains fetching high prices in the market. Landowners were now encouraged to enclose more and more lands and increase the area under food grain cultivation

* Commercial revolution. No doubt, significant changes made in agriculture may be regarded as an effect of the commercial revolution. Initially, the demand for agricultural products had been limited to home consumption. With development of trade, the demand increased. Many Rich farmers invested in agriculture, hence agrarian revolution

* Advancement in science and technology. It was the new farming machines which facilitated land enclosure. Scientific farming made a start with the invention by Jethro Tull of a drill and horse powered hoeing machine for cultivation. The seed drill invented by Tull could plant seeds in a neat rows. It performed triple functions; making furrows, dropping seeds and covering them. Then John Deer invented Plough. These advancements transformed agriculture into a more modern methods of farming

Effects of agrarian revolution

 Decline of peasantry. Agrarian revolution made marked the end of small scale farming. The old system of agriculture based on small scale farming was replaced with the large fenced farms. The enclosure movement led to the decline of peasantry system.

* Growth of towns. An enclosure movement that was central to the agrarian revolution evicted many from their lands. Small peasants who became jobless migrated to towns starting different businesses.

* Modernization of infrastructures. Agrarian revolution made rural areas very potential economically. There were constructed many roads to link rural areas with the to urban market areas.

* Agrarian revolution promoted development of industrial revolution. Changes in agriculture ensured not only abundant supply of raw materials, but also adequate cheap labour. Many people became unemployed after the enclosure movements.

* Increase in population size. Better supply of food as an outcome of agrarian revolution doubled the number of people in Europe

How did agrarian revolutions promote industrialisation of Britain?

* Agriculture became capitalist enterprise. Richmen had now invested in agriculture, and started farming for profit. Large farms, using machines and scientific methods began to dominate. Farming became big business.It totally transformed agricultural sector

* It created cheap labour for industries. Enclosure system discouraged small scale farming. This increased the number of people looking for work. Industries could now obtain cheap labour

* More production of raw materials. With new methods of agriculture, more raw materials were produced. This promoted industrial development

* More production of food for industrial workers. No doubt the new methods of farming doubled food production

* Growth of towns. An enclosure movement that was central to the agrarian revolution evicted many from their lands. Small peasants who became jobless migrated to towns starting different businesses.

* Modernization of infrastructures. Agrarian revolution made rural areas very potential economically. There were constructed many roads to link rural areas with the to urban market areas.

DEMOGRAPHIC REVOLUTION

Demographic revolution can be defined as the rapid increase of the number of people in European communities.Populations have a general tendency to increase if no factors to retard it. Eighteenth century witnessed the rapid change in population structure and composition. In the space of not more than a century, from 1750 to 1850, populations in European communities had grown with unprecedented rapidity.

Previously, population growth in Europe was interrupted by different crises, especially epidemic diseases like Black Death, which killed roughly one-third of England’s population in the space of two to three years. As a result of improvements in medication and better food supply, the size of population increased from time to time then at a faster rate than ever before. Between 1751 and 1801, the population increased by 46 per cent. Between 1801 and 1851, it grew much more quickly, by 94 per cent. Over the century from 1750 to 1850, England’s population almost trebled, from 5.9m to 16.8m. Population grew across Western Europe as a whole during the course of the eighteenth century. For example, the rate of growth in Scotland, Wales and many other European nations over this period was, in general, similar to that of England. However, it seems clear that Britain’s population was growing faster than elsewhere in Europe.

The great question among the historians is why, and how, did populations grow so rapidly at this time? No doubt, the increases had happened because birth rates increase, because death rates decrease. Attention has therefore concentrated on factors influencing changes in the birth and death rates.

* Agrarian revolution that led to the increased supply of better food. The rise of population cannot continue indefinitely if the population’s size outgrows the capacity of food resources. With agrarian revolution there were improvements in the living standards of the people. Better supply of food as an outcome of agrarian revolution doubled the number of people in Europe.

* Improvements in medical field. The medical factor was more important in explaining falling death rates. Invention of medicines and vaccination for various killer diseases had tremendous effects in societies. The rates of infant and child mortality declined, especially in the second half of the eighteenth century. Life expectancy for both children and adults had increased significantly by the end of the eighteenth century.

* Improvements in hygiene and sanitation helped to lower the death rates. In Europe, the decline in epidemic diseases was the main reason for increase of population. Unhealthy towns would not inhibit population rise. The emerging industrial urbans in the early 18th century were desperately unhealthy places: overcrowded, insanitary breeding grounds for disease. However as the time went on there were improvement in hygiene and sanitation.

* Early marriages. The rises in birth rate were the more important factor explaining dramatic population growth from about 1750 to 1850. This had no doubt occurred from the change of the age at which people got married. Early marriages resulted to the increase of birth rates something increased population.

* Poor law Act of 1601. The law passed during the reign of Queen Elizabeth that provided reliefs to poor people. Unemployed, disabled, and generally poor people were given reliefs to earn their lives. Workers were given allowances. This increased the life expectancy, hence the rise of population.

A nation’s population is its prime resource. When the size, or the structure, of population alters, then significant developments almost always occur. A nation whose population is declining will face problems in sustaining economic growth and prosperity. Therefore, demographic revolution had resulted to following impacts to the development of capitalism;

* The revolution widened internal markets for both industrial and agricultural goods

* It facilitated the growth of trade. Many people started small business

* In ensured abundant cheap labour for industries

* Growth of towns. Many people migrated to towns

EUROPEAN MERCANTILISM

Disintegration of feudal system in Europe, gave to the rise of the new economic order. For a long time during feudalism, the wealth of a person was measured by the amount of land a person had. The system gradually changed from the 15th century. The economic health of a person and a nation at a large in this time was assessed by the amount of precious metal (gold or silver) owned. Thus European nations took several strides to ensure their nations accumulated as much precious metals as possible.The group of people known as merchants from the port cities of England, Genoa, Venice and many other European nations started to travel overseas in search of gold and silver to build their nations. The governments started intervening economy by imposing strictly regulations and encouraging importation than exportation. The emphasis was on overseas trade to collect gold and silver. Governments played vital role to protect its merchants who were sent worldwide to collect precious metals to build their economies.

By definition, mercantilism can in other words be defined as an economic theory and practice dominated Europe between 15th-18th centuries that promoted governmental intervention and regulation of the economy. Mercantilism is the earliest stage in the development of capitalism that is featured with an overseas trade and governmental control of the economy. The term ‘Mercantilism’ was firstly coned by a Scottish economist, Adam Smith to describe this system of political economy that sought to enrich the country by international trade and state intervention in the economy.

CHARACTERISTICS OF MERCANTILIS

* Bullionism. Mercantilism is also known as Bullionism because of the importance that was given to gold and silver. Due to the belief that a country's wealth could best be judged by the amount of gold and silver (bullions) it possessed, the merchants’ efforts were directed on the collection of these items

* Militarism. Mercantile powers largely accumulated wealth through illegal means like piracy, plundering and robbery. Military buildup was necessary for nation’s wealth. Therefore every government spent much of its revenue on building strong armies and navies capable of challenging other mercantile powers.

* Protectionism. Mercantilism was also featured on the governmental protection of the internal merchants. It was believed national strength could be maximized by limiting imports. Each country wanted to export more products than it imported. Higher tariffs were imposed for the imports to make the internal traders enjoy the markets. In 1651 the British government passed the Navigation Act which stipulated that no goods are to be exported to or from British colonies except by British ships.

* Colonial expansion. The basis of the British colonial Empire was founded in the age of mercantilism. Mercantile nations advocated for the acquisition of colonies. America was colonised by British, and Dutch settled at the cape

* Populationism. Mercantile policy believes in encouraging large populations to increase internal markets and abundant supply of labour. Large population would enable a country to expand its market for industrial and agricultural commodities.

Some economic, technological, political and cultural factors were responsible for the emergence of mercantilism

 Development of marine technology. The 15th century witnessed great improvements in the field of science and technology. Technological changes in shipping led to a rapid increase in international trade, as it enabled the building of far-going sea vessels which could carry bulky materials such as cotton, tobacco and minerals. They could now sail even in deep seas for trading purposes.

* Discovery of the sea routes. One of the routes discovered was that by Vasco Da Gama, a sea route to India. This blessed the new trading voyages through Indian Ocean. The discoveries led the expansion of overseas trade leading to the accumulation of gold, silver, and tropical products from America and West Indies.

* The role of European governments. Mercantilism meant that the government and the merchants became partners with the goal of promoting nation’s wealth and prestige. European governments took deliberate measures to promote trading activities. To protect traders from robbers, governments provided guards for merchants travelling overseas for trading activities

* Geographical discoveries. Of course, the impact of the discovery of America cannot be ignored.Advancement in science and technology made navigation easier, and led to the discovery of new countries. Standing the tallest in the thick forest, was Columbus’ discovery of American continent in 1492. The discovered new countries opened the gates to a variety of raw materials and markets. New markets and new mines propelled foreign trade to previously inconceivable heights. 

* Stiff competition among European nations. The fierce competition for trade and empire among European monarchs led to the widespread adoption of mercantilism, an economic policy under which nations sought to increase their wealth and power by obtaining large amounts of gold and silver and by exporting more goods than they imported.

DEVELOPMENT OF TRANS ATLANTIC SLAVE TRADE

Trans Atlantic slave trade was an event in the world history involving three continents; Africa, America and Europe. It was an intercontinental trade developed from the end 15th century in which the millions of Africans were shipped to America as slave. Slave ships followed a triangular trading pattern.European ships carried manufactured goods to Africa and exchanged them for slaves. The slaves were then transported across the Atlantic to the Caribbean islands or North American colonies. On arrival they were auctioned like cattle, as they were mostly demanded to produce such as cotton, sugar, coffee or tea before embarking on the final stage of their voyage home. Thus, the produced raw materials were then exported to feed European industries. It created triangular shape routes across Atlantic Ocean.

Development of Trans Atlantic slave trade is largely connected with the discovery of American continent in the late 15th century. However the earliest story of slave trade goes back 50 years prior to Columbus' initial voyage to the Americas. It began with Captain Gonzales, sent by Prince Henry to West Africa in 1441. Arriving in the west coasts, Gonzales with his men captured ten people with whom he returned to Lisbon, and presented then to Prince Henry. Prince received them with great pleasure, hoping to convert them into Christianity and send them back as missionaries to their original homelands. Few blacks taken to Europe proved strong in performing different works, thus more and more blacks were shipped to Europe from 1444. For the next hundred years, the main markets for the slaves were in Europe, particularly Portugal and Spain.

The discovery of an American continent marked the new beginning. The creation of the new colonies with the establishment of plantations led to great need for cheap labour, thus from the mid of sixteenth century European ships were carrying substantial number of African slaves to Brazil, Caribbean and North America. Over 12 million Africans were taken across the Atlantic to work on the plantations in the West Indies and America. At first, Portugal and Spain were the organizers of the slave trade. In the second half of the sixteenth century, Portugal and Spain began to lose their monopoly in Africa and the New World. The development of capitalism in Europe prompted an active colonial policy. Holland, Great Britain and then France began conquests in America, Asia and Africa, where they built up their colonial empires. In the second half of the seventeenth century, the slave trade became notorious as one of the most profitable branches of trade, and each European country, provided it had the opportunity, sought to snatch a profitable share of the slave trade for itself. Great Britain, Holland and France were the leading slave-trading powers of the time.

FACTORS FOR THE DEVELOPMENT OF THE TRADE

* Shortage of labour in America. A main cause of the trade was the colonies that European countries were starting to develop. In the initial years before Atlantic trade, Europeans were more interested in gold and silver than slaves. After discovery of American continent, the sugar-cane and tobacco plantations were introduced on a wide scale, hence the number of white slaves fell short of the demand for manpower. At that time Europe simply could not supply the new colonies with a sufficient amount of cheap manpower. The enslavement of Africans was necessary.

* African slaves were cheap. After exterminating the Native Americans, the European investors began to employ white slaves to work their plantations. These were mainly debtors, political prisoners and criminals, and were taken to America with special contracts. Upon the end of their contracts, they demanded land and higher pays. Paid labourers therefore were too expensive than African slaves

* Development of industries in Europe. In Europe people were kidnapped and sold into slavery to the New World. The industrial emerging nations were interested in promoting and expanding hoe markets. They were afraid of underpopulation at home. This initiated the campaign against indentured labour in America.

* The indigenous red Indians were weak. Europeans exploited African slaves primarily because they believed that the Native Americans (red Indians) were unable to withstand the grueling work of the New World. They could not tolerate hard working, thus Europeans had to look for the other alternative source of labour, and hence shipment of Africans.

* Africans were more resistant to disease than their Native American counterparts. The climate of America seemed more suitable for Africans. Many natives died of new imported European diseases. 

EFFECTS OF MERCANTILISM AND THE ATLANTIC TRADE

One controversial question among the historians is on the repercussions the trade had on both Africa and in the receiving countries of America and Caribbean islands, and also in those countries which organized the slave trade (Europe). Some historians, especially Europeans are reluctant to stress the ways in which the trade had significant economic effects in the home countries. They give little attention to the contribution of the slave trade. On the other side, some other historians stress that economic development in Europe and underdevelopment in African continent was two sides of the same coin, resulting from European mercantile policy. While both mercantile policy and slave trade greatly supported development of European societies, it had negative effects to African societies. In other words, it helped to undermine development of African continent.

On Europe mercantilism caused;

* Development of industries. No doubt that mercantilism and the trade in slave accelerated industrial progress in Europe. The extension of colonial empires during mercantilism provided mercantile nations with broad markets for manufactured goods and abundant raw materials for their industries.

* Emergence of new towns and port cities. Areas acted as trading centres in the course of trade developed into big town and cities. The most famous sea ports developed were Bristol, Manchester, Liverpool, Seville, and Bordeaux.

* Development of financial institutions. The profits accumulated by the traders were invested in financial sectors. The notable examples of these were Barclays bank and Lloyd insurance companies

* Development of European capitalism. The increased gold and silver flowing into Europe from the European colonies contributed to the emergence of rich merchants in Europe. The businessmen were willing to take risks to invest money in the hope of making more money. This new attitude spurred the growth of early European capitalism.

* It accelerated advancement of science and technology. Researches were directed on the creation of powerful sea vessels which could carry the bulk of raw materials and manufactured products from and to overseas territories

On Africa, mercantilism and slave trade caused;

* Deindustrialization of the continent. This was due to the removal of African manpower and mass importation of readymade goods from Europe. Africa was during mercantilism a market for industrial commodities from Europe. Commodities from African traditional industries could not compete with European imported goods, thus collapse of traditional industries.

* Fall of production. The biggest impact the Trans-Atlantic slave trade had on West Africa was a fall of production. Production in African communities declined as the impact of removal of the manpower from Africa for nearly four hundred years. Strong, Fit and young individuals were mostly desired.

* It led to depopulation. The first direct negative impact of slave trade was a dramatic decrease in population. From the seventeenth century on, slaves became the main trading commodity between mercantile Europe and Africa. Substantial number of Africans were shipped to provide their slave labour in America and Caribbean islands. A huge migration of human beings took place in Africa, led to depopulation.

* Exploitation of African resources through unequal exchange. During the whole period of mercantilism, Africans lost their natural and human resources. European merchants exchanged their valueless commodities with valuable commodities like gold, copper and silver from Africa. While this helped development of Europe, it undermined African prosperity.

* Decline of African local trades. Merchants’ journeys around the coasts of West Africa opened up new avenues for trade between Europe and West Africa. For example, the Portuguese diverted trans-Saharan trade to trans-Atlantic. Slaves, gold, and many commodities which were previously traded with the people of North Africa were now traded with Europeans.

* Increased Fear and insecurity. Distrust and high level of conflicts among African groups occurred as Africans were capturing and selling their own people into the slavery to meet the Europeans demands for slaves

* African traditional cultures were disrupted. Though the main goal of mercantile colonial expansion was to acquire gold and other precious materials, it also led to an expansion of European culture around the world. The languages of many African tribes, especially along the coast were mixed with European languages. One such language is Kiswahili.

ABOLITION OF SLAVE TRADE

The inhuman slave trade grew considerably from the sixteenth through the nineteenth century, during which time it is estimated that more than twelve million slaves from Africa were shipped across the Atlantic. Britain had by time emerged as the predominant slave trading power. This means British Empire ships carried more African captives than any nation. No wonder that Britain's colonies in the Caribbean and mainland North America produced vast quantities of tropical commodities like sugar, tobacco, and indigo. Britain grew rich on the profits of enslaved African labor. However, the situation drastically changed when Britain became industrial nation. Strong anti-slavery campaigns started in both Britain and the United States of America in late 18th centuries.

Attacks on slavery and the slave trade started long ago. Enlightenment philosophers and commentators like Jean-Jacques Rousseau and Montesquieu, in differing times expressed their disapproval of the inhumanity, cruelty, and immorality of the slave trade. However, properly speaking, the early abolitionist movement dates from the late eighteenth century and early nineteenth.

In 1807, the law was passed in the United States to prohibit the importation of any new slaves. This was signed by US President. After United States had signed the bill banning the transatlantic slave trade, in the same year the British parliament passed a similar Act outlawing the slave trade. The Slave Trade Act of 1807 abolished the transatlantic slave trade throughout the British Empire. Save that, banning transatlantic slave trade did not abolish slavery as the system. It continued to exist throughout the British Empire and America throughout the first half of the nineteenth. In America it was terminated after the emancipation proclamation of 1860’s which set free slaves. In England, it is the Slavery Abolition Act of 1833 which totally banned slavery in British Empire.