The Stolen Wealth of Slavery

A Case for Reparations

By: David Montero, Michael Eric Dyson - foreword

Narrated by: Eric Jason Martin

Length: 14 hrs and 10 mins

Publisher's summary

This groundbreaking book tracks the massive wealth amassed from slavery from pre-Civil War to today, showing how our modern economy was built on the backs of enslaved Black people—and lays out a clear argument for reparations that shows exactly what was stolen, who stole it, and to whom it is owed.

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.

©2024 David Montero (P)2024 Legacy Lit

Critic reviews

“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

“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

Enlightening

The exposure of the generational wealth amassed through the money laundering schemes by white men is almost paralyzing. For years I have heard people speak of the brutality on the plantation by the slavers, but the enabling by northern businessmen is equally brutal. The fact that I recognize names and have dined with heirs of the men (unknowingly) that built these corporations is disturbing. Reparations will remain challenging when the descendants and beneficiaries have sworn an oath to white supremacy. The fact that they hide in plain sight is unnerving. I thoroughly enjoy the book.

This should be required HS reading

This book does a fantastic job sharing the broad impacts of slavery throughout the United States. We cannot learn from our past if we deny what actually happened and David Montero does a great job detailing the connections between slavery and US capitalism. While I can’t say I walked away fully convinced that payment of direct reparations is the best solution, it is impossible to read/listen to this book and accept that our country has adequately faced and acknowledged the crimes of slavery. Certainly, the efforts to whitewash this portion of history is reprehensible.