What role did the slave trade have in the establishment of centers of wealth in the West? Was that connected to the Industrial Revolution?

Slavery and the Industrial Revolution were highly connected in the Western world, particularly in what we now know as the United States. It has been suggested that profits from the slave trade fostered the Industrial Revolution, but it is more likely that the alternate is true.  The economy and industry of the European colonies (including those in North America) were primarily focused on the import, transformation, and export of goods which were not produced locally,...

Slavery and the Industrial Revolution were highly connected in the Western world, particularly in what we now know as the United States. It has been suggested that profits from the slave trade fostered the Industrial Revolution, but it is more likely that the alternate is true.  The economy and industry of the European colonies (including those in North America) were primarily focused on the import, transformation, and export of goods which were not produced locally, but could be produced in large quantities elsewhere. For example, tea grown in India became a staple import and re-export in England. Similarly, tobacco and cotton grown in the North American colonies were exported to Europe for a profit. 

Imported goods were in high demand in the Western world, which called for increased production. Laborers or farmers could not always keep up with the demand for certain materials, so the use of slaves became a favored means of free or low-cost labor on a massive scale. The transformation of large quantities of raw materials (like cotton) was enabled by the innovations of the Industrial Revolution. Raw materials could be quickly, more efficiently, and more cheaply produced, transformed, and traded for greater economic gain. 

Some regions were able to take charge in the production of certain raw goods, or served as easily-accessible trade centers. Where the production and trade of goods really took off, centers of wealth were established and a reflexive relationship with the use of slave labor often followed. Any port which served as a point for the importation of slaves and export or trade of goods produced on the mainland really thrived in this economy. Many of the cities which experienced economic boom during this time remain quite affluent today.