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This article studies how the governance of a colonial value-chain impacted upon the value-added created. The article focuses on the value-chain of colonial sugar produced in the slave plantation complex in the Americas. Previous research has suggested that British planters in the Caribbean were able to reap high profits because of a protected market for sugar in Britain. In this paper, it is argued that it was mainly British refiners that were able to profit from these protectionist policies. Wholesale prices of muscovado sugar are shown to have been more or less on a par with those prevalent under free-market conditions, whereas the price of refined sugar was considerably higher in Britain than it presumably would have been in a free-market. Limited competition and active collusion between refiners seem to have increased the mark-up on the refined sugar relative to the price of muscovado in Britain. Focusing only on the profitability on certain links in value-chains associated with the slave plantation complex in the Americas (most importantly the slave trade) might detract attention from how the governance structure of the value-chains allowed profits to be reaped elsewhere in the same value-chains. [ABSTRACT FROM AUTHOR]

This article is a detailed case study of the financial records of a Barbadian sugar plantation, Turner's Hall, from 1770 to 1793. It explores the challenges faced by the managers and the strategies they adopted. The most significant internal challenge was the maintenance of a sufficient labour force and the two greatest external challenges were the American Revolution and the hurricane of 1780. Sugar production was an uncertain and volatile business, especially in this era, but the potential for high returns, even during the war, offset these risks and planters could adapt quickly to the changing business environment. [ABSTRACT FROM AUTHOR]