This essay, by revisiting the capitalism and slavery debate, explores the material relations between the Industrial Revolution and the crisis of Black slavery in the British Empire from the perspectives of critical theory and global history. After suggesting that the debate has made capital invisible as a category of historical analysis, I argue that the Industrial Revolution unleashed a process of widening trade circuits around the Atlantic and the Indo-Pacific within which the abolition debate should be understood. These new global circuits of trade became a powerful material mediation between the crisis of slavery in the West Indies; the rise of slavery in the United States, Cuba, and Brazil; and the advancement of New Imperialism in the East.
