Asked in Personal FinanceHistory of AfricaSlavery
How was the slave trade profitable?
November 10, 2007 1:31PM
•1700 Liverpool was a remote sea port, its population was about 5000. it first started in 1709 when the Liverpool slaves traders went on their first voyage to buy and sell slaves. By 1771 there were 106 ships sailing a year from Liverpool. By 1800 Liverpool was a successful, booming city of 78,000 people. The slave trade in Liverpool provided many jobs. There were 8 sugar refineries and 15 rope factories. There were many factories making chains, anchors, iron, copper and brass rods for the slave ships. Slowly Liverpool became a rich city. Banks did well by lending money to the traders, the slave traders started making their own banks. The trade was very profitable that it was not just the upper class who took part in it.