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.

End Times

End Times: Elites, Counter-elites and the Path of Political Disintegration by Peter Turchin (2023) 352pp 

Turchin, a scholar in ecology and evolutionary biology, has a cross-disciplinary approach to the study of history which he labels “cliodynamics”. In a nutshell, the author is analyzing history using a large historical dataset to identify patterns. The author presents a variety of anecdotes from ancient times to the present using the concepts of out-of-control “wealth pumps”, overproduction of elites, and general immiseration; leading to instability, revolution, civil war and all things unpleasant. But I kept thinking, isn’t he neglecting too many variables and what confounding factors make this a fool’s errand? Nonetheless he forges a cogent argument that vast inequalities are destabilizing and, most interestingly, he posits that an overproduction of elites is just as threatening. Recommended to readers with a passion for history and those who appreciate novel approaches to complex and chaotic problems.

The Serviceberry

 The Serviceberry: Abundance and Reciprocity in the Natural World by Robin Wall Kimmerer, 128 pages

In this short book Robin Wall Kimmerer, best known for the fabulous Braiding Sweetgrass, examines the potential for a more gift-based economy in place of the current scarcity-based economy. While Kimmerer is the first to admit that she is not an economist, she does do an admirable job bringing together sources who are experts in the kinds of things she is writing about, with a special emphasis on the developing field of ecological economics. She also relates many economic issues back to principles of resource distribution observed in nature. 

I got the feeling about halfway through this short book that it was an expanded version of an essay or article, which turns out to be exactly the case. This book is short and digestible, and provides a lot of food for thought. That being said, I do think it suffers a little for being so far outside of Kimmerer's area of expertise. This book feels like a good jumping off point for thinking about different possible economic models. 

Railroading Economics: The Creation of the Free Market Mythology

Railroading Economics by Michael Perelman (2006) 224pp

A fascinating (albeit somewhat tedious – this is hard-core econ) look at 19th century industrial development and all the chaos that that includes. Although written 20 years ago, the concepts Perelman details apply today. The idea that the free market is self-regulating is demolished with numerous examples and remarkably clear writing. The title argument tackles the incredibly high capital costs of “creating” a railroad. Simply put, there is no way for a company to exist in a competitive market facing this level of indebtedness. Hence the large number of railroads that went bankrupt and were eventually combined into a very few entities – think J.P. Morgan – industrialist/financier supreme. Sounds simple and intuitive, but the author skillfully and excruciatingly describes the complexity of the various economic theories that railroad builders tied their fantasies and fortunes to. David Ricardo, Adam Smith and a pantheon of economists are featured as are the various schools of economic thought -- laissez-faire, corporatists, socialists, monopolists, Marxists, etc. The trick for me was seeing how the dilemma of high fixed capital costs relate to our current service and finance-based economy. I am sure Perelman would be writing about crypto currencies if he were writing now.

History of Equality

History of Equality by Thomas Piketty (2022) 288 pages

A slim volume compared to his earlier work, the thousand page Capital, Pitketty addresses the history of equality and uses unique datasets to bolster his arguments. Unlike other works on the pernicious problem of income inequality, Piketty mines historical datasets, extrapolating empirical evidence illustrating the problem. He brings into focus the changes in society and culture that have lead to a precipitous increase in equality in the 20th century. 

He also addresses solutions to the ongoing problem (which he emphasizes is not zero-sum) such as reparations, structural mandates to resolve racial and gender shortfalls in economies and other novel approaches. Although many of his examples are Eurocentric, he brings into focus shortfalls (and the rare successes) in the United States, China and the rest of the world.  Most alarming for this reader is the constant lack of movement in the status of the lowest 50% of the income ladder -- little change in hundreds of years.

Sapiens

Sapiens: A Brief History of Humankind by Yuval Harari, 443 pages

In this fascinating book, Harari presents a concise yet comprehensive history of humans from the origins of our species all the way through the 20th century, touching on milestones such as the cognitive revolution, the agricultural revolution, and the industrial revolution. Throughout, Harari presents a thoughtful consideration of how each of these have impacted humanity — were they actually good for our species, and our well-being? What an excellent, thought-provoking book, and I'm kicking myself for not reading it before now.

The address book

 

The address book : what street addresses reveal about identity, race, wealth, and power / Deirdre Mask, 326 pgs

When you see a book like this, you wonder how the author can possibly make something so trite and simple seem important.  Then you start reading and you realize that Deirdre Mask has given a simple title to a book that holds so much fascinating information that you can't really put it down.  After that, you realize that Deirdre Mask is a genius because every word she writes is impactful and you want to chat with her just to see what is on her mind because this book has actually changed the way you think about the world. Simply fantastic!

The Non sequitur guide to finance

The Non Sequitur guide to finance / Wiley Miller, 100 pgs.

I'm a little embarrassed to say that I saw this on Hoopla and thought it could be a short lesson on finance.  I didn't even, at first, realize it was a collection of comics.  So, yea, maybe read the description a little more closely.  That said, it was a fun read.  Wiley Miller has a subversive sense of humor and I also loved the illustrations.  I didn't learn a lot about finance but worse things have happened.

Economix

Economix: how our economy works (and doesn't work) in words and pictures / Michael Godwin, art by Dan E. Burr, 304 pgs.

I borrowed this on Hoopla then got so engrossed in all the details I had to check it out again.  Fundamental economics education tracing back through the big thinkers and how things have changed but also how they have stayed the same.  Near the end when we are talking about modern times, the author takes an unapologetic liberal stance but also points out the many ways policies of the "conservative" have failed. A great way to make the dismal science a bit less dismal. 

Arguing with zombies

Arguing with zombies: economics, politics, and the fight for a better future / Paul Krugman, 444 pgs.

A compilation of columns and blog posts from Krugman about economics and public policy related to same.  A pretty hefty book but most chapters are short so you can take your time and read a section or a shorter selection.  The zombie part is him talking about ideas that have been proven over and over to be wrong but are still discussed as if true.  Of course I love the economics talk but more so, the clarity that can be provided in a short format.  Taken together, this is a powerful review of the basis of modern economics.

The story of more

The story of more: how we got to climate change and where we go from here / Hope Jahren, read by the author, 208 pgs.

What are the facts about climate change?  Is it even a thing?  No seriously, how do we know? Why don't you let Hope Jahren tell you all about it. The facts are here, the research is here and the writing is excellent.  Jahren tells the earths story as well as the story of her time on earth.  Wonderfully personal and an effective way to tell the story.  What are you doing to save the earth and save us all?

Golden Gates

Golden Gates: Fighting for Housing in Ameria / Conor Dougherty, read by the author, 285 pgs.

A deep reporting of anti-growth tactics that have been used by local governments that have lead to the housing crisis happening today.  When population increases as people move to an area, lack of housing construction will lead to a shortage. Sounds simple, but it isn't.  There are lots of forces at work and Dougherty covers many in this book.  I was fascinated from page one and never knew zoning could be so interesting.  Great for public policy nerds, activists, and those interested in the economics of housing and unintended consequences that result from policy and values of a variety of communities.  I listened to the audio book that is read perfectly by the author.

Transaction man

Transaction man: the rise of the deal and the decline of the American dream / Nicholas Lemann, 306 pgs.

Economic history, corporate culture and an explanation of why things are getting harder for the average citizen.  Lemann takes us from the rise of the corporation viewed through the lens of a neighborhood on the south side of Chicago.  The way the housing shifted, the jobs shifted and the difficulty of hanging on despite a lot of effort of the people featured in this book.  The economy has changed, is changing, will continue changing.  How do we deal with the people who get mowed over as the machine keeps moving.  This book doesn't provide answers, it is more a chronicle of the rise and fall of the system...but somehow the system hasn't changed much.  Interesting reading for econ nerds.

Freakonomics

Freakonomics: a Rogue Economist Explores the Hidden Side of Everything / Steven D. Levitt and Stephen J. Dubner, read by Stephen J. Dubner, 242 pages

Asks and answers a series of questions: If drug dealers make so much money, why do most of them live with their mothers? and How is the Ku Klux Klan like a group of real-estate agents? among many others whose answers can be gleaned from some original thinking and a lot of data.  Fun, fast, and smart, and ably read by Dubner.

The global economy

The global economy as you've never seen it / Thomas Ramge and Jan Schwochow, 205 pgs.

Only 205 pages?  I thought I could read this in an evening.  But each page is packed with graphs, data, info-graphics.  I couldn't read more than a few pages each night because I had to ponder the information contained.  Great for econ nerds and probably lots of other nerds too.

The Global Economy as You've Never Seen It

The Global Economy as You've Never Seen It / Thomas Ramge and Jan Schwochow, 205 p.

A collection of infographics and text on a variety of econ topics, very attractively designed and with (mostly) clear explanations suitable for the general reader.  Fun and informative.

Salt: A World History

Salt: A World History by Mark Kurlansky, 484 pages

Salt is ubiquitous. It's paired up with pepper on every kitchen table in the country; it's sprinkled on every road that may get snow; it's a major part of the water that covers three quarters of the world. But until listening to this fascinating micro-history, I had no idea the role it has played in everything from the domestication of animals to the location of cities and roads to the creation of various words (including "soldier," which described someone paid in salt) to the creation and destruction of empires. Oh yeah, and I learned about food — everything from sauerkraut to cod to ketchup to soy sauce to Tabasco sauce. All of it ties back to salt. This was so interesting, and so so good. It's no wonder so many other micro-histories have popped up after this one (though I don't know that any offer as complete a world history as Salt). An excellent book.

Talking with my daughter about the economy

Talking to my daughter about the economy / Yanis Varoufakis, 209 pgs.

Varoufakis is the former finance minister of Greece, yes the country.  He knows a few things about the economy and capitalism.  More important is his ability to talk about these things in simple terms.  Terms his pre-teen daughter can understand.  His daughter may be a little more tuned into these topics than her peers...what we have here is something YOU can understand (and me).  I like the clear language and the examples.  Lots of good stuff for econ nerds.

Hypercapitalism

Hypercapitalism: the modern economy, its values, and how to change them / Larry Gonick & Tim Kasser, 230 pgs.

A wonderful cartoon version of our economic system, the good and the bad.  How does capitalism turn into hypercapitalism and what are the effects?  What does it mean for consumers and workers? How can you combat hypercapitalism? Kudos to the authors for the beautiful feature about libraries that talks about sharing as a way of cutting consumerism. Overall very informative.

The view from flyover country

The view from flyover country: dispatches from the forgotten America / Sarah Kendzior, 239 pgs.

A series of essays written by home town journalist and expert on authoritarian states.  Here we read about the shifting economy and the shifting political landscape that resulted in the election of Donald Trump.  When the fruits of your labor is a wage that makes it impossible to pay rent and often those in that situation are highly educated, there is little to keep people from looking for a way out.  In a section "The Post-Employment Economy" Kendzior details how employment has become a rich persons game.  After completing your degree that is historically more expensive than ever before, you can only gain employment by working several unpaid or ridiculously low paid internships.  Only the rich can afford to pursue these "opportunities" that include traveling to interviews and then staying in some of the most expensive places in the world.  One internship at the United Nations ended up in a charity auction and garnered a bid of $22,000.  Yes, paying for the opportunity to work for free in hopes that it will lead to something that pays some day.  In academia, tenure track jobs are being replaced with "adjuncts" that get paid several thousand dollars a class.  Their total pay is often below $20,000 a year but it is the only way to have a chance at a tenure job.

Once I started, I could not stop reading this book but I recommend having something light on hand for your next read because this is nothing but heavy.