Cotton fused global capitalism to American slavery. The story runs from the gin that accelerated the domestic slave trade, through Confederate Cotton Diplomacy, to the sharecropping and debt peonage after emancipation, and on to Black land loss and the 2024 USDA discrimination payouts. Capital and labor are written in race.
Historians dispute how central slave-grown cotton was to American and global capitalism. The New History of Capitalism calls it a core engine, while critics dispute specific calculations and say slavery was not necessary for industrialization.