The Opium Trade and Its Role in Shaping Capitalism

The opium trade played a significant role in shaping capitalism, laying the foundations for modern capitalism. Enormous amounts of opium were traded between India and China, with China sending tea to Britain in exchange. The opium trade was justified through racialized arguments and the concept of free trade. The opium fortunes made by American and British merchants transformed the United States and led to the development of industries and the founding of major universities and institutions. The opium trade also had a profound impact on the lifestyles of traders, with Chinese influence seen in gardens, art collections, and the rise of yacht culture.