How the City of London's wealth was built on the foundations of slavery
In short: While freedom is central to London's identity, the City's financial rise was deeply intertwined with the transatlantic slave trade. From banking and insurance to the massive capital liberated by compensated emancipation, the mechanisms of global commerce were inextricably linked to the exploitation of enslaved African people.
From the 1600s through the 1800s, London's economy relied heavily upon plantation slavery and the African slave trade in the Americas. This influence extended across multiple sectors, including shipping, manufacturing, and commodity trades with Europe. The City's financial infrastructure, including its gold and silver supply, was deeply connected to these systems. Even as slavery ended, the City continued to benefit through compensated emancipation, which released a massive flood of liquid capital and generated an annual income stream of £500,000 for its funders. This economic connection was vital to the city's banking, insurance, and shipping industries. The trade also significantly influenced the supply of gold and silver within London.
The financial legacy of this era persists in the lineage of major merchant banks, such as Barings, Schroeder, and Kleinwort. These institutions operated within a landscape where the wealth generated by the slave trade helped shape the very foundations of modern banking and insurance.
The movement to end this system also had its roots in the City. On 22 May 1787, twelve men met in the upper room of James Phillips' Quaker bookshop and print shop at 2 George Yard. This meeting, which occurred in a site that has since been demolished and replaced by an unassuming office block, marked the beginning of the British abolitionist movement. Led by figures like Thomas Clarkson, this movement eventually saw the publication of Olaudah Equiano's autobiography, a seminal work by a Black African writer detailing the horrors of slavery. As a key figure in the Sons of Africa, Equiano belonged to a twelve-man Black activist collective. His influential narrative remains one of the earliest books authored by a Black African writer.
Opens the Intellect+ feed with this card first. Swipe up for the next one.
Sources
- Summary by Intellect · source: Slavery and the City of London - Richard Drayton
- Also: Uncovering London’s hidden history: Slavery and the City | City St George
- Also: podcast.gresham.ac.uk — Slavery and the City of London - Gresham College Lectures
To cite this card, link to https://intellectplus.co.uk/app/ideas-slavery-and-the-city-of-london-richard-drayton.
How we source, check and correct cards: Editorial standards.
General information, not professional advice. Spotted an error? Flag the card or see corrections and complaints.
Intellect Plus is a visual educational discovery platform for exploring fascinating facts and ideas. Brain Food, Not Brain Rot. What is Intellect Plus?
