In the epoch of imperialism, the bankers became the aristocrats of the capitalist world. - Walter Rodney

From a capitalist viewpoint, monocultures commended themselves most because they made colonial economies entirely dependent on the metropolitan buyers of their produce. At the end of the European slave trade, only a minority of Africans were sufficiently committed to capitalist exchange and sufficiently dependent upon European imports to wish to continue the relationship with Europe at all costs. Colonialism increased the dependence of Africa on Europe in terms of the numbers of persons brought into the money economy and in terms of the number of aspects of socio-economic life in Africa which derived their existence from the connection with the metropole. The ridiculous situation arose by which European trading firms, mining companies, shipping lines, banks, insurance houses, and plantations all exploited Africa and at the same time caused Africans to feel that without those capitalist services no money or European goods would be forthcoming, and therefore Africa was in debt to its exploiters! The factor of dependency made its impact felt in every aspect of the life of the colonies, and it can be regarded as the crowning vice among the negative social, political, and economic consequences of colonialism in Africa, being primarily responsible for the perpetuation of the colonial relationship into the epoch that is called neo-colonialism.

When Europeans put millions of their brothers (Jews) into ovens under the Nazis, the chickens were coming home to roost. Such behavior inside of “democratic” Europe was not as strange as it is sometimes made out to be. There was always a contradiction between the elaboration of democratic ideas inside Europe and the elaboration of authoritarian and thuggish practices by Europeans with respect to Africans.

In speaking of the European slave trade, mention must be made of the U.S.A., not only because its dominant population was European but also because Europe transferred its capitalist institutions more completely to North America than to any other part of the globe, and established a powerful form of capitalism—after eliminating the indigenous inhabitants and exploiting the labor of millions of Africans.