The Stolen Wealth of Slavery: A Case for Reparations

(Hardback)

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In this timely, powerful, investigative history, The Stolen Wealth of Slavery, Emmy Award-nominated journalist David Montero follows the trail of the massive wealth amassed by Northern corporations throughout America's history of enslavement. It has long been maintained by many that the North wasn't complicit in the horrors of slavery. The truth, however, is that large Northern banks-including well-known institutions like Citibank, Bank of New York, and Bank of America-were critical to the financing of slavery; that they saw their fortunes rise dramatically from their involvement in the business of enslavement; and that white business leaders and their surrounding communities created enormous wealth from the enslavement and abuse of Black bodies.

The Stolen Wealth of Slavery grapples with facts that will be a revelation to many: Most white Southern enslavers were not rich-many were barely making ends meet-with Northern businesses benefitting the most from bondage-based profits. And some of the very Northerners who would be considered pro-Union during the Civil War were in fact anti-abolition, seeing the institution of slavery as being in their best financial interests, and only supporting the Union once they realized doing so would be good for business. It is a myth that the wealth generated from slavery vanished after the war. Rather, it helped finance the industrialization of the country, and became part of the bedrock of the growth of modern corporations, helping to transform America into a global economic behemoth.

In this remarkable book, Montero elegantly and meticulously details rampant Northern investment in slavery. He showcases exactly what was stolen, who stole it, and to whom it is owed, calling for corporate reparations as he details contemporary movements to hold companies accountable for past atrocities.

Reviews

"An unsparing account of the untold billions of dollars, ill-gotten over centuries from the labors of American enslaved people. Montero's fulsome investigation limns the deep and multiple connections between southern plantations and northern boardrooms, while also citing current research into the topic as well as public acknowledgements and apologies...A book both appalling for what it reveals of America's deliberately hidden past and hopeful for the light now being thrown on the issue."--Booklist (Starred Review)
"The common story is of the sins of the South in holding people in bondage, but the story Montero tells is of how the entire country was complicit during enslavement and how fortunes built on enslavement persist." --Library Journal

"A sharp account of the massive wealth extracted from enslaved people in America....An expert history and defense of the reparations movement that will hopefully persuade detractors....Perhaps this book, featuring a foreword by Michael Eric Dyson, can invigorate the movement."

--Kirkus Reviews
"The appeal, and persuasion, and, really, the moral elegance of what Montero offers is that he names the names of individuals and corporations that made their wealth off of Black muscle and acknowledges the pioneering work of Black folk, especially Black women, in the fight for reparation. It is all so remarkable, so powerful, and so eloquently stated." --New York Times bestselling author Michael Eric Dyson
"David Montero has crafted a meticulously researched work that traces how American financial institutions during their early years benefitted greatly from the transatlantic slave trade. An eye-opening read that will leave your perspective on US history forever changed."--New York Times bestselling author Karen Abbott
"What sets The Stolen Wealth of Slavery apart from other texts is the rare perspective it provides on the roles banking, money laundering, and wealth creation played in nation building, implicating some of today's most influential global financial institutions. The book sheds light on the vast amount of capital that laid the foundation for Wall Street as we know it today."
--Waverly Duck, urban sociologist and author of Tacit Racism and No Way Out
"David Montero's The Stolen Wealth of Slavery is a thoughtful and illuminating account of how Wall Street financiers laundered the wealth generated from slavery to build the corporations and banks we know today. This timely book is a powerful indictment of systemic racism and an urgent reminder of the enormous debt owed to Black Americans."--Keisha N. Blain, coeditor of Four Hundred Souls

Author Bio

David Montero is a journalist and producer. His work has appeared in The New York Times, The Nation, Harvard Business Review, and more. He is the recipient of numerous awards and fellowships. He lives in Pittsburgh, PA, with his wife, who is a research fellow at the University of Pittsburgh studying violence, white supremacy, and the rise of the far right in the United States.