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material values are only for the rich. The poor should get religion, etc. Marx understood the issue

Surprised it is from a City firm, especially one that encouraged its employees to leave the UK to avoid the 50% tax on bankers bonuses in 2009/2010. Now they are calling for more public investment

Blimey! What a terrible shock. Looting the result of consumerism, excessive advertising and a me-me-me society! I wouldn't have been able to work that out for myself. Two and a half cheers for Thatcher's 'There is no such thing as society. There are individuals and there are families.' So, we are now reaping the benefits of the legacy of the Thatcher/Reagan years. But how do we reverse a whole generation's worth of incredible greed, selfishness and vaingloriousness?

The full note isn't about the riots, it's more some ideas for reforming the UK economy. Ideas like investment to create assets rather than creating asset price inflation are valid, the same for the need for widespread public investment in infrastructure and housing.It's all useful for discussion, reflection and analysis but I expect the messenger to get shot to pieces in the comments below.

it has often struck me as ironic that on a planet of presently limited usable resources the measure of individual success is the one who can afford to consume the most. if a group of people were shut in a room with a finite supply of food and a choice of who stayed in the room i imagine that the individuals who were able to consume the least would be the preferred choice of companions.

The overall pattern has been that an over-consuming West has borrowed and spent the surpluses of the increasingly productive and under-consuming East.Increasingly productive East because Western CEO's have shifted production there to take advantage of cheap labour for short term profit.The West took centuries to build its wealth but this wealth has been given away in only a couple of decades by the process of globalisation. So far, the CEO's of big organisations have got away without being blamed for the disastrous globalisation process but I hope if we're going to examine causes of social malaise, that sooner rather than later, we turn the spotlight on their incredibly short term personal 'cashing in' at the expense of us all.

It was this moment, when Europe and what is nowadays styled sub-Saharan Africa came into permanent deep contact, that laid the foundations of the modern age.

It is not that the basic facts are unknown; it is that they have been siloed, overlooked or swept into dark corners. It is essential to restore key chapters such as these to their proper place of prominence in our common narrative of modernity.

The rise of Europe was not founded on any innate or permanent characteristics that produced superiority. To a degree that remains unrecognised, it was built on Europe’s economic and political relations with Africa. The heart of the matter here, of course, was the massive, centuries-long transatlantic trade in enslaved people who were put to work growing sugar, tobacco, cotton and other cash crops on the plantations of the New World.

The long thread that leads us to the present began in those three decades at the end of the 15th century, when commerce blossomed between Portugal and Africa, sending a newfound prosperity washing over what had previously been a marginal European country. It drove urbanisation in Portugal on an unprecedented scale, and created new identities that gradually freed many people from feudal ties to the land. One of these novel identities was nationhood, whose origins were bound up in questing for wealth in faraway lands, and soon thereafter in emigration and colonisation in the tropics.

understanding that the world was infinite in its social complexity, and this required a broadening of consciousness, even amid the colossal violence and horror that accompanied this process, and an ever more systematic unmooring from provincialism

Portugal overwhelmingly dominated Europe’s trade in Africans, and slavery was beginning to rival gold as Portugal’s most lucrative source of African bounty. By then, it was already on its way to becoming the foundation of a new economic system based on plantation agriculture. Over time, that system would generate far more wealth for Europe than African gold or Asian silks and spices.

Malachy Postlethwayt, a leading 18th-century British expert on commerce, called the rents and revenues of plantation slave labour “the fundamental prop and support” of his country’s prosperity. He described the British empire as “a magnificent superstructure of American commerce and naval power [built] on an African foundation”. Around the same time, an equally prominent French thinker, Guillaume-Thomas-François de Raynal, described Europe’s plantations worked by African enslaved people as “the principal cause of the rapid motion which now agitates the universe”. Daniel Defoe, the English author of Robinson Crusoe, but also a trader, pamphleteer and spy, bested both when he wrote: “No African trade, no negroes; no negroes, no sugars, gingers, indicoes [sic] etc; no sugar etc, no islands, no continent; no continent, no trade.”

Without African peoples trafficked from its shores, the Americas would have counted for little in the ascendance of the west. African labour, in the form of enslaved people, was what made the very development of the Americas possible. Without it, Europe’s colonial projects in the New World are unimaginable.

Through the development of plantation agriculture and a succession of history-altering commercial crops – tobacco, coffee, cacao, indigo, rice and, above all, sugar – Europe’s deep and often brutal ties with Africa drove the birth of a truly global capitalist economy

In sugar’s wake, cotton grown by enslaved people in the American south helped launch formal industrialisation, along with a second wave of consumerism. Abundant and varied clothing for the masses became a reality for the first time in human history

Spain and Portugal waged fierce naval battles in west Africa over access to gold. Holland and Portugal, then unified with Spain, fought something little short of a world war in the 17th century in present-day Congo and Angola, vying for control of trade in the richest sources of enslaved people in Africa. On the far side of the Atlantic, Brazil – the biggest producer of slave-grown sugar in the early 17th century – was caught up in this same struggle, and repeatedly changed hands. Later in that same century, England fought Spain over control of the Caribbean.

By the mid-1660s, just three decades or so after England initiated an African slave-labour model for its plantations there – one that was first implemented in the Portuguese colony of São Tomé little more than a century earlier – sugar from Barbados was worth more than the metal exports of all of Spanish America.

Nowadays, the consensus estimate on the numbers of Africans brought to the Americas hovers about 12 million. Lost in this atrocious but far too neat accounting is the likelihood that another 6 million Africans were killed in or near their homelands during the hunt for slaves, before they could be placed in chains. Estimates vary, but between 5% and 40% perished during brutal overland treks to the coast, or while being held, often for months, in barracoons, or holding pens, as they awaited embarkation on slave ships. And another 10% of those who were taken aboard died at sea during an Atlantic transit that constituted an extreme physical and psychological test for all those who were subjected to it. When one considers that Africa’s total population in the mid-19th century was probably about 100 million, one begins to gauge the enormity of the demographic assault that the slave trade represented.

It is often remarked that Africans themselves sold enslaved people to Europeans. What is less well known is that in many parts of Africa, such as the Kingdom of Kongo and Benin, Africans fought to end the trade in human beings once they understood its full impact on their own societies

Specialists aside, few imagine that islands like Barbados and Jamaica were far more important in their day than were the English colonies that would become the United States. The nation now known as Haiti most of all. In the 18th century it became the richest colony in history, and in the 19th, by dint of its slave population’s successful revolution, Haiti rivalled the US in terms of its influence on the world, notably in helping fulfil the most fundamental Enlightenment value of all: ending slavery.

My biggest surprise came in Barbados, whose slave-produced sugar, arguably more than any other place on earth, helped seal England’s ascension in the 17th century. I visited the island not long ago, determined to find as many traces of this legacy as possible, only to discover how thoroughly they had been hidden or effaced. Among my top priorities was to visit one of the largest slave cemeteries anywhere in the hemisphere, which included the excavated remains of nearly 600 people. It took me several attempts just to find the cemetery, which had no signage from any public road. Few local residents seemed aware of its historical importance, or even of its existence.

Nearly a century ago, WEB Du Bois had already affirmed much of what we needed to know on this topic. “It was black labour that established the modern world commerce, which began first as a commerce in the bodies of the slaves themselves,” he wrote. Now is the time to finally acknowledge this.