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" "It was a product of the irrationality of the capitalist mode of production. The search for profits caused production to run ahead of people’s capacity to purchase, and ultimately both production and employment had to be drastically reduced. Africans had nothing to do with the inherent shortcomings of capitalism; but, when Europeans were in a mess, they had no scruples about intensifying the exploitation of Africa. The economic depression was not a situation from which Britain could benefit at the expense of Sweden or where Belgium could gain at the expense of the U.S.A. They were all drowning, and that was why the benefits of the colonies saved not only the colonizing powers but all capitalist nations.
Walter Rodney (23 March 1942 – 13 June 1980) was a prominent Guyanese historian, political activist and preeminent scholar, who was assassinated in Guyana in 1980.
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Slavery is useful for early accumulation of capital, but it is too rigid for industrial development. Slaves had to be given crude non-breakable tools which held back the capitalist development of agriculture and industry. That explains the fact that the northern portions of the U.S.A. gained far more industrial benefits from slavery than the South, which actually had slave institutions on its soil; and ultimately the stage was reached during the American Civil War when the Northern capitalists fought to end slavery within the boundaries of the U.S.A. so that the country as a whole could advance to a higher level of capitalism.
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Power is the ultimate determinant in human society, being basic to the relations within any group and between groups. It implies the ability to defend one’s interests and if necessary to impose one’s will by any means available. In relations between peoples, the question of power determines maneuverability in bargaining, the extent to which one people respect the interests of another, and eventually the extent to which a people survive as a physical and cultural entity. When one society finds itself forced to relinquish power entirely to another society, that in itself is a form of underdevelopment.