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Answer:
it has high economical effect as The British economy was transformed by the Atlantic slave trade. In 1700, 80 per cent of British trade went to Europe from ports on the east and south coasts.
By 1800, 60 per cent of British trade went to Africa and America, sailing from the three main west coast ports - Glasgow, Liverpool and Bristol.
Ports such as London, Bristol and Liverpool prospered as a direct result of involvement in the slave trade. Other ports, such as Glasgow, profited from the tobacco trade. Thousands of jobs were created in Britain supplying goods and services to slave traders.
In a period that saw Britain industrialize, profits could be made by exporting manufactured British goods to Africa and then further profits accrued from imported slave products such as sugar, which became very fashionable with the British people.
The slave trade was important in the development of the wider economy - financial, commercial, legal and insurance institutions all emerged to support the activities of the slave trade. Some merchants became bankers and many new businesses were financed by profits made from slave-trading.
The slave trade played an important role in providing British industry with access to raw materials. This contributed to the increased production of manufactured goods.
The graphic below shows the parts of Britain's economy that benefited from the slave trade
Explanation:
It has a significant economic impact, as The Atlantic slave trade drastically altered the British economy. In 1700, ports on the east and south coasts handled 80% of British trade with Europe.
What is the importance of slaves to the English?
The proliferation of multiple financial, commercial, legal, and insurance organizations, the slave trade significantly contributed to the expansion of the global economy. Many new businesses were financed with money made from the slave trade, and some merchants became bankers as a result.
The slave trade made it much easier for British industry to access raw materials. The production of the manufacturing sector was increased as a result. During the period when Britain was industrializing, profits could be made through the export of manufactured British goods to Africa, and additional gains came from the purchase of imported slave goods like sugar.
Thus, The Atlantic slave trade drastically altered the British economy
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