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LONDON According to the Cambridge English Dictionary, an economy is “the system of trade and industry by which the wealth of a country is made and used.” For the last few centuries, this system has been dominated by the paradigm of capitalism, in which the private owners of capital, and not the state, control the trade of goods and services.
The slave trade and plantation economy of the early colonial period in America were among the original manifestations of this economic paradigm, as the European propertied classes asserted their newfound power over dwindling tributary systems and the interim feudal arrangements were replaced with John Locke’s quasi-religious notions of private property, which would come to conquer Western economic theory for the next three hundred years. ....

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