Marx writes in Chapter 3 of the first volume of Capital:

"The discovery of gold and silver in America, the extirpation, enslavement and entombment in mines of the aboriginal population, the beginning of the conquest and looting of the East Indies, the turning of Africa into a warren for the commercial hunting of black-skins, signalized the rosy dawn of the era of capitalist production. These idyllic proceedings are the chief momenta of primitive accumulation."

Plunder, internal and external, was the most important means of primitive accumulation of capital, an accumulation which, after the Middle Ages, made possible a new historical stage in world economic evolution. As the money economy extended, more and more social strata and regions of the world became involved in unequal exchange. Ernest Mandel has added up the value of the gold and silver torn from Latin America up to 1660, the booty extracted from Indonesia by the Dutch East India Company from 1650 to 1780, the harvest reaped by French capital in the eighteenth-century slave trade, the profits from slave labor in the British Antilles and from a half-century of British looting in India. The total exceeds the capital invested in all European industrial enterprises operated by steam in about 1800. This enormous mass of capital, Mandel notes, created a favorable climate for investment in Europe, stimulated the "spirit of enterprise," and directly financed the establishment of manufactures, which in turn gave a strong thrust to the Industrial Revolution.

But at the same time the formidable international concentration of wealth for Europe's benefit prevented the jump into the accumulation of industrial capital in the plundered areas: “The double tragedy of the developing countries consists in the fact that they were not only victims of that process of international concentration, but that subsequently they have had to try and compensate for their industrial backwardness—that is, realize the primitive accumulation of industrial capital—in a world flooded with articles manufactured by an already mature industry, that of the West.”

Open Veins of Latin America