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- Published on: 1800
- Binding: Paperback
Most helpful customer reviews
49 of 59 people found the following review helpful.
Thought Provoking
By J. Brian Watkins
Teaching capitalism in today's world is like describing water to a fish; we are surrounded by it, can't live without it and are unaware of the alternatives. Most have never experienced the depression, many have forgotten the days when communism was actually a threat. We are blind to the absolutely crucial nature of how our world works. Although we watched the stock market plummet in 1987 and have all learned valuable lessons from the internet boom & bust, I picked up this book because I wanted to know a bit more about how the scholars view capitalism.
The book takes the reader through a history of capitalism while briefly summarizing everything you forgot from college economics. While the discussion of the development of capitalism focused on some interesting questions of historical interpretation, the strength of this work is the description and analysis of how the capitalistic system works differently in different countries.
The power of capitalism is set forth as its ability to adapt. Where other systems--feudalism, communism, socialism, etc--failed was that they could not adapt to change. The book was an excellent overview; it was current, easy to read, and contains a fine list of resources for further study.
36 of 56 people found the following review helpful.
A Biased Introduction
By grhellen
I was expecting an (at least) relatively impartial introduction, but the author could not put his allegiances aside to produce such a book.
A more accurate title would be 'Capitalism: A Very Short and Very Biased Introduction by a Sociologist'.
The usual academic/liberal/Marxist/socialist prejudices are on full display: Capitalism is bad; Marx was right; Soviet Union is the "last great empire"; USA is evil and corrupting, etc., etc. Opinions all of which the author is entitled to hold and promote - but I think they are inappropriate for an introduction to capitalism.
What is most bothersome to me is the choice of words used - where a neutral adjective or verb could be used a pejorative was used in its place. Workers are always "exploited" and are "coerced" into accepting capitalism, and so on. The affect being that these opinions are presented as fact - there is no hint that the author is stating his opinion - and the facts just happen to match standard Marxist/socialist dogma. This seems to be a constant undercurrent in the author's work (see the table of contents for his work on Labour Movements: 'The Employer-Counter *Attack* [against Labour Movements], 'Conservative *Attacks* on Collectivism'). The poor worker is constantly assailed by the greedy conservative capitalists - rage against the machine - working men unite - etc.
Then there are the blatant statements in the book's concluding pages:
"Scandals have been, however, a recurring feature of capitalism." Where should I start with this statement? Only capitalism? Not in the vaunted USSR? "Feature"? I can almost here him snickering with his comrades in the collective. Then, in the very next sentence: "The true capitalist is motivated by the amoral accumulation of money...". Of course; everybody knows this, so it is stated as fact. Fulcher should Just recommend Marx and Engels for further reading, as they do a better job delivering the message. Here, it sounds like hackneyed talking points.
Also, policies not approved by the author are always attached to a perpetrator: Thatcher, Reagan, Gorbachev, etc. The usual suspects. I'm curious why the "bad guys" get the name check - presumably so we know who to blame.
As alluded to in another review, aside from a back-handed compliment to Adam Smith, the identities of economists who are advocates of capitalism are not mentioned. I should say that Keynes is mentioned in somewhat neutral language. Of course, a two page uncritical primer on Marxism was necessary for an introduction to capitalism.
The "Further Reading" section continues the theme: no recommendations to read Smith, Ricardo, Friedman, Hayek, Samuelson, Krugman, Sowell...I suppose none of these economists/authors would buttress the author's storyline.
Almost forgot: I am sure the captions used for some of the photographs provided laughs for the crew responsible for this book:
Picture 13 shows four people reading stock market ticker tape - all looking happy (or at least unconcerned) - caption: "Traders watch the ticker tape as Wall Street crashes in 1929". Those amoral capitalists! Anyway, maybe it is a picture of actual traders and that it was taken in October of 1929, but there is no evidence that this what is actually depicted.
Picture 14 shows a bemused woman who doesn't seem to realize that she is being auctioned as the caption implies. Again, possibly correct, but the "List of Illustrations" provides no evidence that this is what is depicted.
Picture 15 is of the founders of Lastminute.com smiling, the caption describes them as "...looking pleased with themselves just before the company was floated..."
All very juvenile.
I do not recall anything in the book hinting that there are any positive or desirable aspects of the capitalist system. I am sure I would say the same thing about the VSIs on Racism or HIV/AIDS, but I don't think moral relativism is good editorial policy for a series of introductory books.
Somewhat ironically, along with this volume, I purchased Singer's VSI on Marx - I was hoping to be able read some contrast to what Marx was thinking. Oops. I guess not.
I might venture that the underlying issue is that authors/editors/contributors/publishers are all on the same bandwagon and see no need for impartiality - maybe that the book was produced at all fills this requirement in their opinion. When I purchase something published by Verso, Continuum or Von Mises Institute, I know I am likely to read something from a particular world view. I didn't think I would be able to say the same about Oxford University Press.
11 of 13 people found the following review helpful.
Good, quick read for a novice.
By Vibhav Agarwal
The book traces the origins of capitalism right from the trading days of East India Company. It discusses the presence of feudalism, its slow transformation into socialism, and finally its metamorphosis into capitalism. Once there, James does a great job of dissecting the facets of capitalism and the various forces that defines its nature - politics, business, labor unions, markets, currency, and others. He does this by comparing three distinct forms of capitalism - Swedish, British, and Japanese. Slowly the pieces of the puzzle start falling together.
In the last chapter, he discusses the various crises that have fallen upon/by capitalism. Per him, crisis is a by-product of this system and cannot be avoided. Thanks to the ever volatile consumer demand, never ending profit increasing, and the human nature in general. Economics 101 - Every person will act in order to maximize his/her profit.
This book is very lucidly written and I would suggest all to give this book a try and keep it in your book shelf, if possible. I cannot say that I am a master of this subject, but it has nevertheless built a foundation for me to develop my knowledge and make informed opinions about the events happening around me.
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