And this trade in human beings meant that you got free labor in the colonies in the Caribbean, in the Americas, and so on.
Sigh. If you buy the laborer then the labour isn’t free, is it? The labour costs that capital cost, the price of the labourer, divided by the number of years of labour gained. Plus, obviously, the operating costs of the labour.
Slave labour might well have been cheaper, but it wasn’t free.
Where primary commodities were produced at very suppressed prices, these primary commodities in their sale brought huge profits and this profit margin is what created the capital sums for the emergence of capitalism. That’s the origin of it. 30% of the British Midlands capital formation took place through the drain of wealth from India.
That’s the next sentence. Which doesn’t make all that much sense, given that slave labour wasn’t used in India……
And today, the debt crisis, the burden on so called developing countries is over $11 trillion. There is no way these countries can ever pay it; and in the current Coronavirus recession it is an impossible payment for them. This year developing countries have to pay almost $4 trillion in debt servicing. That’s not the $11 trillion principle. This is to service the debt, and it’s not possible.
Entirely bollocks. They ain’t paying a 40% interest rate whatever the actual sums outstanding might be.
At which point I got bored with the nonsense.