The History of Transatlantic Slavery & The Bank of England
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The transatlantic slave trade was a horrific chapter in human history, but it also had a profound impact on the development of Britain. The Bank of England was at the heart of this, providing financial services to the trading companies that profited from the slave trade. The Bank was founded in 1694, at a time when Britain was becoming a global power. The slave trade was already well-established, and the Bank provided banking services to the companies that were involved in it. These companies included the Royal African Company, the East India Company, and the South Sea Company.
The Bank's financial services helped to facilitate the slave trade in a number of ways. For example, the Bank provided loans to the trading companies, which they used to purchase ships and slaves. The Bank also issued letters of credit, which allowed the trading companies to buy goods in Africa and sell them in the Americas. The wealth created by the slave trade helped to shape the development of Britain in a number of ways. For example, the profits from the slave trade were used to build infrastructure, such as roads and canals. The slave trade also helped to create a demand for British goods, which boosted the economy.
The Bank of England's involvement in the slave trade is a reminder of the dark side of Britain's history. However, it is also important to remember that the Bank played a role in the abolition of the slave trade. In 1791, the Bank refused to provide a loan to the East India Company, which was planning to expand its slave trade. This decision helped to pave the way for the abolition of the slave trade in Britain in 1807.
The history of the Bank of England and the transatlantic slave trade is a complex one. However, it is important to understand this history in order to understand the roots of inequality in Britain today. The wealth created by the slave trade helped to build Britain, but it also came at a great cost to the people of Africa. We must never forget this history, and we must work to address the legacy of inequality that it has left behind.
Bank of England Museum
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