USA HISTORY

Detailed explanation-1: -The Bank of England was established in 1694 and had a fundamental role to play in enabling Britain to increase its role in the slave trade by underpinning the development of long-term commercial credit, which helped to finance the slave trade and the ensuing industrial revolution.

Detailed explanation-2: -Until the 1730s, London dominated the British trade in enslaved people. It continued to send ships to West Africa until the end of the trade in 1807. Because of the sheer size of London and the scale of the port’s activities, it is often forgotten that the capital was a major slaving centre.

Detailed explanation-3: -Many politicians and others had business interests in the plantations, slave trading companies, and slave-produced commodities such as cotton and sugar. These exotic commodities and the riches they created proved irresistible, and the slave trade continued to make Britain wealthier.

Detailed explanation-4: -The slave trades negatively affected domestic institutions and governance, which results in less trust today. In addition, the slave trade also directly reduced the extent to which individuals were inherently trusting of others.

Detailed explanation-5: -The predecessors that made up Citibank, Bank of America and Wells Fargo are among a list of well-known US financial firms that benefited from the slave trade.