American Wealth is Not Based on Slavery

Last year I sat in on a history class at a university in which the professor told the students: if there’s one thing to take away from the class, it’s that modern capitalistic U.S. society is built on slavery.

He’s so mistaken. The United States became wealthy in spite of slavery, not because of slavery. Far from accelerating the economic development of the United States, that insidious institution impeded it.

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