Skip to main content

Oil and the Slave Trade. Gregory Savioz-Buck, Intern, University of Sherbrooke, Canada.

Profit serves as the linchpin of the capitalist system, permeating every aspect of our society. This relentless pursuit of financial gain is synonymous with progress and prosperity. Oil companies epitomize the essence of this capitalist framework, being massive enterprises that amass immense wealth. However, it is imperative to acknowledge that greater the profit, greater the damage.

Oil corporations are enormously affluent, but their operations bear a substantial burden of responsibility for widespread environmental degradation. Their unrelenting exploration, excavation, and exploitation of certain ecosystems come at a significant ecological cost.

An intriguing connection surfaces here, one that interlinks the capitalist machine epitomized by oil giants with the historical atrocity of the slave trade. It is crucial to clarify that we are not equating oil companies with a new form of slavery, but there exist parallels between the profit-driven mechanisms at play. Both systems share a common objective: to maximize profit at any cost, be it at the expense of the environment (as seen in the case of oil companies) or, more tragically, at the expense of human lives, particularly those of African individuals victimized by the slave trade. The latter, operating as a pivotal component within the machinery of slavery, sought to exploit the sale of captured Africans for substantial financial gain.

It is worth noting that while the pursuit of profit in the slave trade could yield significant financial returns, it also carried substantial risks. Rebellions, harsh weather conditions, and other challenges could swiftly erode the immense profits promised by such ventures. Yet, upon successfully navigating the Atlantic crossing, substantial wealth awaited those involved.

This narrative highlights a thought-provoking parallel between the profit-driven mechanisms of the oil industry and the industry of slavery. Ultimately, it underscores the sobering reality that, in both instances, the greater the profit, greater the damage. 

Popular posts from this blog

Maternal Health Financing Facility for Black Women: A Solution to an Urgent Problem

Maternal mortality is a significant issue in the United States, with Black women disproportionately affected. Research conducted by the Centers for Disease Control and Prevention (CDC) has shown that Black women are more likely to die from pregnancy-related causes than their white counterparts. However, the issue is not new, and despite the increasing amount of data available, the disparities have remained unaddressed for far too long.  Creative Investment Research (CIR) is among the organizations that believe there is a solution to the problem. Through our proposed impact investing vehicle , the Maternal Health Financing Facility for Black Women (MHFFBW), we aim to tackle the mortality gap and support Black women during childbirth, which will, in turn, benefit their communities. The Facility, based on legally binding financing agreements containing terms and conditions that direct resources to individuals and institutions capable of addressing supply-side conditions at the heart...

Projected Impact of Gun Laws on Corporate Profits in Texas

More Fortune 500 companies are located in Texas than in any other state. Texas successfully used low taxes and minimal regulations as bait to recruit companies like Tesla and Oracle. The state promoted these “advantages” in ads highlighting their “free-market” environment and criticizing the "tax and spend policies of liberal leadership" in Democrat-run states. Four million people migrated to Texas over the past ten years. Our economic models predict a reversal, however. State of Texas corporations on the Fortune 1000 list generate $2.2 trillion in revenue, $158 billion in profit. They have a market value of $3.8 trillion and employ 2.5 million people nationwide. We continue to believe this increased corporate presence in Texas imposes a tax on the nation as a whole. Texas allows anyone 21 or older to carry handguns without training or licenses, and maintains lower gun purchase age limits. Beyond the recent abortion bill, which allows people to sue those who "aid and abe...

The Trumpsqueeze: Higher Prices, Higher Interest Rates, Fewer Jobs

The U.S. economy is entering a difficult phase that deserves its own name: the Trumpsqueeze . The Trumpsqueeze describes an economy in which households and businesses are simultaneously pressured by elevated prices, high borrowing costs, slower employment growth, and weakening wage momentum . It is not exactly stagflation. Economic output can still grow. Corporate profits can remain strong. Financial markets can even rise. But underneath those headline numbers, consumers and smaller businesses can find themselves increasingly squeezed. For Black and minority-owned businesses, that squeeze can be even more severe. What is the Trumpsqueeze? The Trumpsqueeze can be summarized as: Higher operating costs + higher borrowing costs + slower hiring and wage growth = shrinking economic room to maneuver. The latest data illustrate the problem. The U.S. economy added only 29,000 jobs in September 2026 , while the unemployment rate increased to 4.2% . The Bureau of Labor Statistics also revised Jul...