Empire of Cotton Response

In Empire of Cotton author Sven Beckert lays out a new definition for the economics system which governed the globalization of the cotton industry. Previously referred too mercantilism Beckart calls this system “war capitalism.” The provocative name is used to describe an economic system based on state coercion, imperialism, slavery, wage deflation and “armed trade.” He coins this phrase for a number of reasons, perhaps chiefly to push the genesis of western capitalistic enterprise back from 1780 to the 16^th century. Beckert’s definition of capitalism is very different than the classical definition exposed by economists. For Beckert “war capitalism” and by extension capitalism generally is dependent upon the state for protectionist tariffs, the seizure of land, etc. Industrial capitalism is simply the mechanization of the cotton reefing process. The use of environmental power such as falling water and eventually steam allow British textile producers to compensate for their high labor costs and to double down on ealier market gains. Rather than overturn “war capitalism,” this new mechanized Industrial capitalism for Beckert served to buttress it by pairing the coercive power of the state with an unmatched technical edge. These gains along with capital and overseas territorial possessions allowed British producers to dominate world cotton markets.