“…As the debate on the &dquo;Williams thesis&dquo; has shown, the slave trade cannot be treated as an independent or exogenous generator of industrial development. This is demonstrated by the failures of most of the western European powers involved in the colonial trades to industrialize during the seventeenth and eighteenth centuries, such as Portugal, Spain, France, and Holland (Engerman, 1975;Anstey, 1975;Boulle, 1975;Richardson, 1975). England, therefore, is the exception that proves the rule.…”