Even academic historians, who from their very first graduate course are taught to shun presentism and accept history on its own terms, haven’t been able to resist drawing parallels between the Panic of 1837 and the 2008 financial crisis. All the ingredients are there: mystifying financial instruments that hide risk while connecting bankers, investors and families around the globe; fantastic profits amassed overnight; the normalization of speculation and breathless risk-taking; stacks of paper money printed on the myth that some institution (cotton, housing) is unshakable; considered and intentional exploitation of black people; and impunity for the profiteers when it all falls apart — the borrowers were bailed out after 1837, the banks after 2008.

Some historians have claimed that the British abolition of the slave trade was a turning point in modernity, marked by the development of a new kind of moral consciousness when people began considering the suffering of others thousands of miles away. But perhaps all that changed was a growing need to scrub the blood of enslaved workers off American dollars, British pounds and French francs, a need that Western financial markets fast found a way to satisfy through the global trade in bank bonds. Here was a means to profit from slavery without getting your hands dirty. In fact, many investors may not have realized that their money was being used to buy and exploit people, just as many of us who are vested in multinational textile companies today are unaware that our money subsidizes a business that continues to rely on forced labor in countries like Uzbekistan and China and child workers in countries like India and Brazil.

Enslavers were not the first ones to securitize assets and debts in America. The land companies that thrived during the late 1700s relied on this technique, for instance.

In colonial times, when land was not worth much and banks didn’t exist, most lending was based on human property. In the early 1700s, slaves were the dominant collateral in South Carolina. Many Americans were first exposed to the concept of a mortgage by trafficking in enslaved people, not real estate, and “the extension of mortgages to slave property helped fuel the development of American (and global) capitalism,” the historian Joshua Rothman told me.

In recent decades, America has experienced the financialization of its economy. In 1980, Congress repealed regulations that had been in place since the 1933 Glass-Steagall Act, allowing banks to merge and charge their customers higher interest rates. Since then, increasingly profits have accrued not by trading and producing goods and services but through financial instruments. Between 1980 and 2008, more than $6.6 trillion was transferred to financial firms. After witnessing the successes and excesses of Wall Street, even nonfinancial companies began finding ways to make money from financial products and activities.

This not only created a starkly uneven playing field, dividing workers from themselves; it also made “all nonslavery appear as freedom,” as the economic historian Stanley Engerman has written. Witnessing the horrors of slavery drilled into poor white workers that things could be worse. So they generally accepted their lot, and American freedom became broadly defined as the opposite of bondage.

Profits from heightened productivity were harnessed through the anguish of the enslaved. This was why the fastest cotton pickers were often whipped the most. It was why punishments rose and fell with global market fluctuations.

Some beaten workers passed out from the pain and woke up vomiting. Some “danced” or “trembled” with every hit. An 1829 first-person account from Alabama recorded an overseer’s shoving the faces of women he thought had picked too slow into their cotton baskets and opening up their backs.

Companies have developed software that records workers’ keystrokes and mouse clicks, along with randomly capturing screenshots multiple times a day. Modern-day workers are subjected to a wide variety of surveillance strategies, from drug tests and closed-circuit video monitoring to tracking apps and even devices that sense heat and motion. A 2006 survey found that more than a third of companies with work forces of 1,000 or more had staff members who read through employees’ outbound emails

Northern factories would not begin adopting these techniques until decades after the Emancipation Proclamation. As the large slave-labor camps grew increasingly efficient, enslaved black people became America’s first modern workers, their productivity increasing at an astonishing pace. During the 60 years leading up to the Civil War, the daily amount of cotton picked per enslaved worker increased 2.3 percent a year. That means that in 1862, the average enslaved fieldworker picked not 25 percent or 50 percent as much but 400 percent as much cotton than his or her counterpart did in 1801.

Bodies and tasks were aligned with rigorous exactitude. In trade magazines, owners swapped advice about the minutiae of planting, including slave diets and clothing as well as the kind of tone a master should use. In 1846, one Alabama planter advised his fellow enslavers to always give orders “in a mild tone, and try to leave the impression on the mind of the negro that what you say is the result of reflection.” The devil (and his profits) were in the details.

Perhaps most remarkable, they also developed ways to calculate depreciation, a breakthrough in modern management procedures, by assessing the market value of enslaved workers over their life spans.

To do so, they developed complicated workplace hierarchies that combined a central office, made up of owners and lawyers in charge of capital allocation and long-term strategy, with several divisional units, responsible for different operations. Rosenthal writes of one plantation where the owner supervised a top lawyer, who supervised another lawyer, who supervised an overseer, who supervised three bookkeepers, who supervised 16 enslaved head drivers and specialists (like bricklayers), who supervised hundreds of enslaved workers. Everyone was accountable to someone else, and plantations pumped out not just cotton bales but volumes of data about how each bale was produced. This organizational form was very advanced for its time, displaying a level of hierarchal complexity equaled only by large government structures, like that of the British Royal Navy.

But management techniques used by 19th-century corporations were implemented during the previous century by plantation owners.

When an accountant depreciates an asset to save on taxes or when a midlevel manager spends an afternoon filling in rows and columns on an Excel spreadsheet, they are repeating business procedures whose roots twist back to slave-labor camps. And yet, despite this, “slavery plays almost no role in histories of management,” notes the historian Caitlin Rosenthal in her book “Accounting for Slavery.”

Perhaps you’re reading this at work, maybe at a multinational corporation that runs like a soft-purring engine. You report to someone, and someone reports to you. Everything is tracked, recorded and analyzed, via vertical reporting systems, double-entry record-keeping and precise quantification. Data seems to hold sway over every operation. It feels like a cutting-edge approach to management, but many of these techniques that we now take for granted were developed by and for large plantations.

Southern white elites grew rich, as did their counterparts in the North, who erected textile mills to form, in the words of the Massachusetts senator Charles Sumner, an “unhallowed alliance between the lords of the lash and the lords of the loom.” The large-scale cultivation of cotton hastened the invention of the factory, an institution that propelled the Industrial Revolution and changed the course of history. In 1810, there were 87,000 cotton spindles in America. Fifty years later, there were five million.

Enslaved workers felled trees by ax, burned the underbrush and leveled the earth for planting. “Whole forests were literally dragged out by the roots,” John Parker, an enslaved worker, remembered. A lush, twisted mass of vegetation was replaced by a single crop. An origin of American money exerting its will on the earth, spoiling the environment for profit, is found in the cotton plantation.

The United States solved its land shortage by expropriating millions of acres from Native Americans, often with military force, acquiring Georgia, Alabama, Tennessee and Florida. It then sold that land on the cheap — just $1.25 an acre in the early 1830s ($38 in today’s dollars) — to white settlers. Naturally, the first to cash in were the land speculators. Companies operating in Mississippi flipped land, selling it soon after purchase, commonly for double the price.

They picked in long rows, bent bodies shuffling through cotton fields white in bloom. Men, women and children picked, using both hands to hurry the work. Some picked in Negro cloth, their raw product returning to them by way of New England mills. Some picked completely naked. Young children ran water across the humped rows, while overseers peered down from horses. Enslaved workers placed each cotton boll into a sack slung around their necks. Their haul would be weighed after the sunlight stalked away from the fields and, as the freedman Charles Ball recalled, you couldn’t “distinguish the weeds from the cotton plants.” If the haul came up light, enslaved workers were often whipped. “A short day’s work was always punished,” Ball wrote.

The surprising bit has to do with the many eerily specific ways slavery can still be felt in our economic life.

Given the choice between modernity and barbarism, prosperity and poverty, lawfulness and cruelty, democracy and totalitarianism, America chose all of the above.

Slavery was undeniably a font of phenomenal wealth. By the eve of the Civil War, the Mississippi Valley was home to more millionaires per capita than anywhere else in the United States. Cotton grown and picked by enslaved workers was the nation’s most valuable export. The combined value of enslaved people exceeded that of all the railroads and factories in the nation. New Orleans boasted a denser concentration of banking capital than New York City.

But recently, historians have pointed persuasively to the gnatty fields of Georgia and Alabama, to the cotton houses and slave auction blocks, as the birthplace of America’s low-road approach to capitalism.

he O.E.C.D. scores nations along a number of indicators, such as how countries regulate temporary work arrangements. Scores run from 5 (“very strict”) to 1 (“very loose”). Brazil scores 4.1 and Thailand, 3.7, signaling toothy regulations on temp work. Further down the list are Norway (3.4), India (2.5) and Japan (1.3). The United States scored 0.3, tied for second to last place with Malaysia. How easy is it to fire workers? Countries like Indonesia (4.1) and Portugal (3) have strong rules about severance pay and reasons for dismissal. Those rules relax somewhat in places like Denmark (2.1) and Mexico (1.9). They virtually disappear in the United States, ranked dead last out of 71 nations with a score of 0.5.

Or consider worker rights in different capitalist nations. In Iceland, 90 percent of wage and salaried workers belong to trade unions authorized to fight for living wages and fair working conditions. Thirty-four percent of Italian workers are unionized, as are 26 percent of Canadian workers. Only 10 percent of American wage and salaried workers carry union cards.

In the United States, the richest 1 percent of Americans own 40 percent of the country’s wealth, while a larger share of working-age people (18-65) live in poverty than in any other nation belonging to the Organization for Economic Cooperation and Development (O.E.C.D.).

In a capitalist society that goes low, wages are depressed as businesses compete over the price, not the quality, of goods; so-called unskilled workers are typically incentivized through punishments, not promotions; inequality reigns and poverty spreads.

A couple of years before he was convicted of securities fraud, Martin Shkreli was the chief executive of a pharmaceutical company that acquired the rights to Daraprim, a lifesaving antiparasitic drug.

Each would be a Pietà, a mother carrying her napalmed child down a road to nowhere; a sister holding the broken body of her brother and asking why; a friend comforting the violated girl who was once her carefree friend; a black woman, agonized and reaching for her child being ripped from her hands.

I’d like her to manage to convey the fear and bitterness of rape (of course it happened in this war, as in all); the helplessness of giving birth to and nurturing children only to give them up to death and war.

One piece of recorded history in my county tells us that in the spring of 1864, some fifty women banded together and stormed a local store where sixty bushels of Confederate government wheat were stored, liberating them to feed their families.

The history of this place says there was a passage on the underground railroad about fifteen miles from where I live, closer to the East Tennessee border. By the mid-point of the war, historians tell us that the hills and hollers offered hiding places for deserters from both sides, and for those who refused to be conscripted into what they saw as a rich man’s fight. With fathers and sons (along with their guns) dead or gone, the region was laid open to marauders and outlaws, as well.

That is the history of the southern Appalachians, the borderland that gave rise to the term “brother against brother” and sent men and boys to die on both sides of the Civil War. But the courthouse lawn holds no recognition of that history. The second monument lists the dead in the wars that followed: World Wars I and II, Korea, Vietnam, and freshly etched, Afghanistan.

In the western North Carolina town where I live now, there is a monument to the Confederate dead of the region. It’s small and rather modest, as these things go. I grew up in the shadow of the Confederate monument in Louisville, Kentucky (recently removed), that stood seventy feet tall, replete with life-size statues of rebel soldiers on two sides and top.

“I think it wiser, moreover, not to keep open the sores of war but to follow the examples of those nations who endeavored to obliterate the marks of civil strife, to commit to oblivion the feelings engendered.”

I’d like to see a monument to these women erected in my town.

History has often been silent or vague when it comes to the price of war on everyone: on children, on women.

And as I put away childish things, I came to understand that the monuments weren’t there to remind us of history. They were, in fact, its cover-up.

I mention it because it’s history, and it’s history we want to preserve.

protest the removal of a prominent monument to Confederate General Robert E. Lee. They said they wanted to protect “history.”

Hundreds of white men from around this nation, bearing torches and weapons, shouting Nazi slogans, shooting right arms out in the unmistakable “Sieg, Heil!” salute, stormed Charlottesville, Virginia

There’s a shadow across the page in front of me, dark gray and looming. It’s not the proverbial elephant that I have in my living room. It is instead an old man, uniformed in Cadet Gray astride an iron gray horse.