> Slavery isn't really a capitalist form of labor domination, but the
> slave system of the South was embedded in a larger capitalist economy -
> they sold the cotton through New York merchants to English industrialists.
Exactly. The labor-surplus of North American/South American/South Asian/African slaves, plantation serfs, indentured laborers, coolies etc. was extracted by British capitalism for centuries, with near-genocidal consequences for the extractees. Liberal Brit capitalism = illiberal Brit Empire.
This is also what makes our own world-system so shockingly different from the past, though. The world population is majority urbanized, literate, and organized into independent nation-states with considerable economic reserves and autonomy, for the first time ever. This is actually a reason to be hopeful about the near future.
-- DRR