Capitalism: a global history

Capitalism: a global history by Sven Beckert (2025) 1325 pages

Full disclosure – I have not finished this yet.  Hardly anything makes me happier than a book with 200 pages of notes – unfortunately the font size for the note section is considerably smaller than the text, forcing me to use a magnifying glass as I flip to the notes. Humor aside, this book is a monumental achievement. Following in the footsteps of the incredibly detailed overview of the ubiquitous economic system published by Thomas Piketty -- Capital in the Twenty-First Century in 2014 which received tremendous attention for a book on economics, this tome takes a similar approach, using historical datasets and archives. Beckert, an acclaimed Harvard academic, is a gifted researcher and accomplished writer.  If you think of capitalism as water, you can trace the history from a droplet to a rivulet and on to the ocean -- many rivers to cross. And the waterways are worldwide, including the Tigris, Yangtze, Rhine rivers, the Caribbean and Red seas, a whole world of water – i.e. capitalism. Traditionally the origin of capitalism is attributed to Adam Smith circa 1700s, but the Beckert defines the economic model more broadly, extrapolating the role of traders – his first example in the port of Aden in Yemen circa 1100-1200 – as prototype capitalists. The traders acquired capital and worked to grow that capital by expanding trade networks, increasing their fleets, and delegating to subordinates. Beckert’s Capitalism is everywhere -- regardless of the ideology of the client state.  The epilogue is inconclusive; there is no way to predict the future of capitalism, but he does emphasize the lack of sustainability of the current pernicious manifestation of this economic system.