Ben Waber reviewed Banking on Slavery by Sharon Ann Murphy (American Beginnings, 1500–1900)
A Case-Focused History
4 stars
This book uses extremely detailed case studies to demonstrate how the beginnings of the US financial system were inextricably tied up with slavery, funding its expansion and proactively financializing enslaved people. I do wish there was more macro perspective here, since while the individual cases which make up the majority of this book are revealing they eventually become repetitive and don't provide much insight into the broader impact of these financial practices. That being said, the sheer amount of historical detective work that must have gone into assembling these cases is extremely impressive, and the book overall is an essential text in understanding the US financial system and its horrific roots as well as the systemic depths of slavery. I would suggest pairing this book with Rosenthal's "Accounting for Slavery" to gain an even deeper perspective on how profoundly slavery has shaped the entire foundation of our economy. Highly recommend
This book uses extremely detailed case studies to demonstrate how the beginnings of the US financial system were inextricably tied up with slavery, funding its expansion and proactively financializing enslaved people. I do wish there was more macro perspective here, since while the individual cases which make up the majority of this book are revealing they eventually become repetitive and don't provide much insight into the broader impact of these financial practices. That being said, the sheer amount of historical detective work that must have gone into assembling these cases is extremely impressive, and the book overall is an essential text in understanding the US financial system and its horrific roots as well as the systemic depths of slavery. I would suggest pairing this book with Rosenthal's "Accounting for Slavery" to gain an even deeper perspective on how profoundly slavery has shaped the entire foundation of our economy. Highly recommend