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This essay attempts to evaluate the “new history of capitalism” by reviewing its representative works and in particular those focused on American slavery. Critics have asserted that the new trend has such a broad scope and such diverse foci that it may leave its audience at once absorbed and puzzled. Moreover, it seems to have no centripetal agenda or widely-shared paradigm. The reason lies partly in the perspective adopted by historians engaging in the emerging field; they investigate capitalism from margin to center, not vice versa. Furthermore, they do not accept the familiar concepts of capitalism, Smithian, Marxist, or Weberian, while failing to help us understand what capitalism is, a question scarcely discussed in their works. These historians have stressed the capitalist nature of American slavery, arguing that planters were capitalists who often turned them into commodities or collaterals as well as pushing them into producing more marketable crops. The scholars have also tried to place slaves at one of the extremes of the spectrum from free to unfree labor, thus blurring the demarcation between slavery and capitalism in antebellum America. This view has become a hot issue among leading historians of American slavery, who have pointed out that it leads to a difficulty in explaining the growing difference between the North and the South in the antebellum United States. No less important, the new trend is focused on planters rather than on planter-slave relations, that is the essence of slavery.
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