ECON 3R03 Lecture Notes - Horse Breeding, Sub-Saharan Africa, Industrial Revolution
8 Mar 2013
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Document Summary
It could have not entirely financed the industrial revolution. American slavery not at issue: american cotton did not become important to the british until after. 1800, when the first industrial revolution is almost over. The money from the caribbean sugar plantation was: (1) reinvested in the sugar plantations or estate or (2) consumed. Profits were 1/2 of 1% of gnp. Similar profits were earned in other industries, including banking, insurance, horse breeding, hospitality, wheat farming, fishing. These profits were only available only if they were not reinvested in the sugar industry, or spent on consumption. Labour in the sugar industry could have been obtained elsewhere, eg. indentured servants from. If there were no sugar industry, the capital that had gone into constructing the sugar plantations would have been redeployed elsewhere. Profits are lost only if the sugar industry earned abnormally high profits and as noted above, the evidence suggests that it did not.
