Sven Beckert

“We associate industrial capitalism with contracts and markets, but early capitalism was based as often as not on violence and bodily coercion. Modern capitalism privileges property rights, but this earlier moment was characterized just as much by massive expropriations as by secure ownership. Latter-day capitalism rests upon the rule of law and powerful institutions backed by the state, but capitalism's early phase, although ultimately requiring state power to create world-spanning empires, was frequently based on the unrestrained actions of private individuals--the domination of masters over slaves and of frontier capitalists over indigenous inhabitants.”
― Sven Beckert, Empire of Cotton: A Global History

“Many historians have called this the age of 'merchant' or 'mercantile' capitalism, but 'war capitalism' better expresses its rawness and violence as well as its intimate connection to European imperial expansion. War capitalism, a particularly important but often unrecognized phase in the development of capitalism, unfolded in constantly shifting sets of places embedded within constantly changing relationships. In some parts of the world it lasted into the nineteenth century.”
― Sven Beckert, Empire of Cotton: A Global History