Slavery Reparations Could Cost Up to $14 Trillion, According to New Calculation

The Permanent Memorial to Honor the Victims of Slavery and the Transatlantic Slave Trade, in New York City, acknowledges a tragic chapter in the nation’s history. Some have argued that reparations for slavery would help heal long-festering racial strife. EDUARDO MUNOZ / REUTERS

” In 1865, toward the end of the Civil War, Union Army General William Tecumseh Sherman promised slaves that they’d receive 40 acres and a mule. Land was even set aside, but the promise was recanted by President Andrew Johnson. Ever since, the issue of reparations has come up many times, often fiercely debated. Although most Americans generally don’t support reparations, according to University of Connecticut researcher Thomas Craemer, it matters greatly how the question is worded, who would get reparations and in what form. For example, the idea of reparations paid in educational benefits are more popular than others, Craemer says.

On the other hand, one of the cases often made against reparations is that it’d be impractically difficult to calculate how to fairly take and give so many years after the fact. But in a new paper, published in the journal Social Science Quarterly, Craemer makes the case that there are other examples of historical reparations paid many decades later after “damages” were incurred. He also has come up with what he says is the most economically sound estimate to date of what reparations could cost: between $5.9 trillion and $14.2 trillion.

Craemer came up with those figures by tabulating how many hours all slaves—men, women and children—worked in the United States from when the country was officially established in 1776 until 1865, when slavery was officially abolished. He multiplied the amount of time they worked by average wage prices at the time, and then a compounding interest rate of 3 percent per year (more than making up for inflation). There is a range because the amount of time worked isn’t a hard figure.

Previous estimates of reparations have ranged from around $36 billion to $10 trillion (in 2009 dollars), Craemer says. Those calculations mostly looked at wealth created by slaves as opposed to services provided, resulting in underestimates. Craemer believes that “the economic assumptions underlying [his method] are more sound” than those used in previous papers.

The paper also illustrates several historical examples in which reparations were paid, many decades later, despite being initially unpopular—showing that repayment of age-old claims is not without precedent . . .

Reparations will never bring one life back, and it’s totally inadequate to the terror of the [past], but having a meaningful symbol of reparations is a good thing, not just for recipients but for the people who provide it,” he says.”

Source: Slavery Reparations Could Cost Up to $14 Trillion, According to New Calculation

The ‘Clotilda,’ the Last Known Slave Ship to Arrive in the U.S., Is Found | At the Smithsonian | Smithsonian

A cast iron bust of Cudjo Lewis, one of the last survivors of the slave ship Clotilde, can be found in front of the historic Union Missionary Baptist Church in Africatown. (Graveyardwalker (Amy Walker) Wikimedia Commons )

“The excitement and joy is overwhelming,” says Woods, in a voice trembling with emotion. She is 70 years old now. But she’s been hearing stories about her family history and the ship that tore them from their homeland since she was a child in Africatown, a small community just north of Mobile founded by the Clotilda’s survivors after the Civil War.The authentication and confirmation of the Clotilda was led by the Alabama Historical Commission and SEARCH Inc., a group of maritime archaeologists and divers who specialize in historic shipwrecks. Last year, the Smithsonian’s National Museum of African American History and Culture’s Slave Wrecks Project (SWP) joined the effort to help involve the community of Africatown in the preservation of the history, explains Smithsonian curator and SWP co-director Paul Gardullo.”

Source: The ‘Clotilda,’ the Last Known Slave Ship to Arrive in the U.S., Is Found | At the Smithsonian | Smithsonian  

“After the Emancipation Proclamation, the newly freed Africans tried, but failed to return to their beloved homeland Africa. The story describes the group reuniting from various plantations, alongside American-born, formerly enslaved men, women and children. The Africans bought land and founded their own settlement, which came to be known as Africatown.”
The Full Story:

Africatown USA Trailer from Roslyn Williams on Vimeo.

 

The Racist Dawn of Capitalism | Boston Review

“At the heart of Edward Baptist’s The Half Has Never Been Told is the claim that the profits and accumulations of slavery contributed to the formation of contemporary capitalism. Like Beckert, he turns to the history of the cotton industry, though he focuses on the United States from the colonial era to the end of the Civil War. Yet if Beckert’s story is the world the slave owners made, Baptist’s is the world made by the slave. “Enslaved African Americans built the modern United States,” he declares, “and indeed the entire modern world, in ways both obvious and hidden.” We know the claim that enslaved African Americans built the modern United States is not new. This “half” has, in fact, been told—multiple times and more often than not by black writers, some of whom are fleetingly mentioned in Baptist’s footnotes. But the claim that African Americans built the world is simply wrong. Baptist’s book is marked by such rhetorical excesses, which lend themselves to a blinkered and narcissistic American exceptionalism. The result is an oversimplified view of capitalism and slavery that ignores the historical contributions to modernity of Africans in the Caribbean and in Africa itself.”

Source: The Racist Dawn of Capitalism | Boston Review