
Although capitalist development in Europe and European colonial exploitation are incidentally entwined, and, as Lauesen correctly observes, the latter “boosts” the former, they can only be understood as separable phenomena. Not only was colonial exploitation distinctly non-capitalist in character, relying upon forms of surplus extraction characteristic of the feudal and slave modes of production, but the mere absorption of surplus from this exploitation was in no way sufficient to secure the development of capitalist production. The clearest proof of this is immediately referenced in his own exposition when he details the role of the Spanish colonies in drastically increasing the means of exchange available to European economies. Spain, despite the immense wealth it extracted from colonial exploitation, itself remained a largely semi-feudal economy and failed to develop a predominance of capitalist production relations along the trajectory exemplified by England and the Netherlands. We can see from this simple fact alone that colonial exploitation is in no way sufficient to explain capitalist development in Europe and the qualitative transformation of productive forces this entailed, which (rather colonial exploitation) formed the main foundation for the unprecedented wealth of early capitalist societies.
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