The importance of sugar plantations
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You are asking about four different commodities:
Cotton: the West Indies was never an important source of cotton. Currently Barbados has a grand total of 214 acres of cotton under cultivation. That would be the tiniest of a one family farm in the United States. In 1902 there were 1200 acres under cultivation in Barbados, a microscopic amount. In 1800 there were hundreds of thousands of acres of cotton in India and the United States.
Tobacco: same story as cotton, the amount of acreage in the United States has always dwarfed the Caribbean.
Sugar: Sugar grows very well in the Caribbean and so it has always been an important producer and still is. At one time it was the dominant producer of sugar but this changed around 1820 due to the development of beet sugar technology and the abolition of the global slave trade by the British. It is notable that at the same time there was a huge decline in the city of Bristol, which previously had been a very wealthy port due to the sugar trade.
Coffee: Coffee grows in a very wide variety of places so the Caribbean was never a dominant producer, but it does grow well there so at one time the plantations in the Caribbean were big producers of coffee. The decline of the plantations around 1820 due to the abolition of the slave trade caused the production of coffee to decline. Note that places like Columbia and Mexico have much better economies and support structures than the West Indies, so they tend to be able to produce and sell coffee more cheaply. In the Caribbean Puerto Rico has been best able to maintain its coffee industry due to the support from the United States.
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Industrialization made raw material production less valuable compared to the value added in factory production. They lost their importance because they were overtaken by newer, more profitable industries.
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