Capitalism: A Global History, by Sven Beckert, Penguin Press, 1,344 pages, $49
Adam Smith, widely considered the first major theorist of capitalism, abhorred the institution of slavery. "Whatever work [a slave] does…can be squeezed out of him by violence only, and not by any interest of his own," he wrote in 1776. In an earlier lecture, Smith indicted laws that "strengthen the authority of the masters and reduce the slaves to a more absolute subjection." The plantation system at the core of this economy was not a competitive market; planters had secured a state-sanctioned "monopoly against all the rest of the world" and "indemnif[ied] themselves by the exorbitancy of their profites for their expensive and thriftless method of cultivation." Smith singled out the exceptional cruelty found in the British colonies of "Jamaica and Barbadoes, where slaves are numerous and objects of jealousy [and] punishments even for slight offences are very shocking."
