But the rise of capitalism also depended on something else. It needed labour. Lots of it, and cheap. solved this problem too. With subsistence economies destroyed and commons fenced off, people had no choice but to sell their labour for wages – not to earn a bit of extra income, as under the previous regime, nor to satisfy the demands of a lord, as under serfdom, but simply in order to survive. They became, in a word, proletarians.

Capitalism rose on the back of organized violence, mass impoverishment, and the systematic destruction of self-sufficient subsistence economies. It did not put an end to serfdom; rather, it put an end to the progressive revolution that had ended serfdom. Indeed, by securing virtually total control over the means of production, and rendering peasants and workers dependent on them for survival, capitalists took the principles of serfdom to new extremes. People did not welcome this new system with open arms; on the contrary, they rebelled against it. The period 1500 to the 1800s, right into the Industrial Revolution, was among the bloodiest, most tumultuous times in world history.

For it is no railways, roads, and power stations that give rise to industrial capitalism: it is the emergence of industrial capitalism that leads to the building of railways, to the construction of roads, and to the establishment of power stations.

Not only did slavery play a major role in the historical development of the U.S., but the wealth and power of the U.S. rests today on a worldwide system of imperialist exploitation that ensnares hundreds of millions, and ultimately billions, of people in conditions hardly better than those of slaves. Now, if this seems like an extreme or extravagant claim, think about the tens of millions of children throughout the Third World who, from a very, very early age, are working nearly every day of the year—as the slaves on the southern plantations in the United States used to say, “from can’t see in the morning, till can’t see at night”—until they’ve been physically used up, with their lives literally passing, bit by bit, day after day, from them into the machinery on which they’re working (or which, in a real sense, is working on them, wearing their lives away) and into the products which they are producing through this labor. These are conditions very similar to outright slavery, and they often go along with superstructural expressions which are very close to slavery—ways in which, through customs and traditions, and sometimes even formal codes, the lives of these children, and others in these conditions, are controlled, confined and degraded. This includes overt sexual harassment of women, and many other degradations as well. All this is the foundation on which the imperialist system rests, with U.S. imperialism now sitting atop it all.

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.

During slavery, "Americans built a culture of speculation unique in its abandon," writes the historian Joshua Rothman...That culture would drive cotton production up to the Civil War, and it has been a defining characteristic of American capitalism ever since. It is the culture of acquiring wealth without work, growing at all costs and abusing the powerless. It is the culture that brought us the , the and the . It is the culture that has produced and undignified working conditions. If today America promotes a particular kind of low-road capitalism — a capitalism of poverty wages, and ; a winner-take-all capitalism of stunning disparities not only permitting but awarding financial rule-bending; a racist capitalism that ignores the fact that slavery didn’t just deny black freedom but built white fortunes, originating the black-white wealth gap that annually grows wider — one reason is that American capitalism was founded on the lowest road there is.

Capitalism was founded on an act of robbery as massive as feudalism. It has been sustained to the present by continual state intervention to protect its system of privilege, without which its survival is unimaginable.

Long before the rise of fascism, competitive capitalism was replaced in each capitalist nation by monopoly capitalism. The markets were controlled by trusts and cartels. The development from laissez faire to monopoly capitalism led to the creation of the world market, the international division of labor, the concentration of capital, and the increase of the productivity of labor. They are all interdependent; one is unthinkable without the others.

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.

Colonialism strengthened the Western European ruling class and capitalism as a whole. Particularly in its later phases, it was evidently giving a new lease of life to a mode of production that was otherwise dying. From every viewpoint other than that of the minority class of capitalists, colonialism was a monstrous institution holding back the liberation of man.

Africa’s contribution to European capitalism was far greater than mere monetary returns. The colonial system permitted the rapid development of technology and skills within the metropolitan sectors of imperialism. It also allowed for the elaboration of the modern organizational techniques of the capitalist firm and of imperialism as a whole. Indeed, colonialism gave capitalism an added lease of life and prolonged its existence in Western Europe, which had been the cradle of capitalism.

There is a substantial difference between the dependence of the s on the and the subjugation of the colonies under a foreign capitalist yoke. The capitalist countries are technologically more advanced and are therefore the sector of the imperialist system which determined the direction of change. [...] A formerly colonized nation has no hope of developing until it breaks effectively with the vicious circle of dependence and exploitation which characterizes imperialism.

Capitalism in the 19th century did not doom the worker to a life of perpetual poverty. Instead, they kept creating new and better-paying employments as the decades went by. They produced the wealth and rising income that resulted in the emergence of a phenomenon completely new to human history: a self-supporting and educated middle class that grew more and more as they lower classes bettered their economic well-being.

The rise of the capitalist class in North America similarly was founded on terrible exploitation. Some enriched themselves through the killing of beaver, deer and other animals for their skin and hair, while other continued and expanded the deadly expropriation of the homelands of indigenous humans and other animals for ranching enterprises. Still others began exploiting children, women and men in mines, nascent factories and fields, where tens of thousands of people were ruthlessly enslaved.