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The Poverty of Capitalism: Economic Meltdown and the Struggle for What Comes Next
Capitalist growth is widely heralded as the only answer to the crisis still sweeping the global economy. Yet the era of corporate globalisation has been defined by unprecedented levels of inequality and environmental degradation. A return to capitalist growth threatens to exacerbate these problems, not solve them.
In The Poverty of Capitalism , John Hilary reveals the true face of transnational capital in its insatiable drive for expansion and accumulation. He exposes the myth of ‘corporate social responsibility’ (CSR), and highlights key areas of conflict over natural resources, labour rights and food sovereignty.
Hilary also describes the growing popular resistance to corporate power, as well as the new social movements seeking to develop alternatives to capitalism itself. This book will be essential reading for all those concerned with global justice, human rights and equity in the world order.
In The Poverty of Capitalism , John Hilary reveals the true face of transnational capital in its insatiable drive for expansion and accumulation. He exposes the myth of ‘corporate social responsibility’ (CSR), and highlights key areas of conflict over natural resources, labour rights and food sovereignty.
Hilary also describes the growing popular resistance to corporate power, as well as the new social movements seeking to develop alternatives to capitalism itself. This book will be essential reading for all those concerned with global justice, human rights and equity in the world order.
240 pages, Paperback
First published October 9, 2013
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About the author
John Hilary
7 books4 followersJohn Hilary is the author of Magnates and Masterpieces: The German-Jewish Collectors of Edwardian Britain, published in November 2025, and From Refugees to Royalty: The Remarkable Story of the Messel Family of Nymans, published in May 2021. He is an Honorary Professor at the University of Nottingham and was for many years the Executive Director of the charity War on Want. He has written widely on global issues over the past 25 years, with regular appearances in the Guardian, Independent, New Internationalist and specialist journals.
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Displaying 1 - 4 of 4 reviews
February 10, 2015
THE REALITY OF NEO-LIBERAL GLOBALISATION
"The Poverty of Capitalism" is John Hilarys (the chief executive of War on Want which campaigns with activists in the "developing" world for not just human rights but "against the root causes of global poverty, inequality and injustice") take on the state of capitalism globally in the aftermath of the Great Recession.
After setting out his stall in the introductory chapter Hilary moves on to looking at the Great Recession itself and ties it in with changes to the global economy not least the emergence of a few countries from the global south (in particular the BRIC's - Brazil, Russia, India and China) whose elites, it is argued, "have joined forces with their northern counterparts of the transnational capitalist class" and in effect "strengthened the dominance of capitalism". Hilary then turns to Transnational Corporations (TNC's) and how they have prospered during the Neo-liberal era. Key moments and developments are noted in the continual rise of TNC's from the Global Agreement on Tarrifs and Trade talks which culminated in the founding of the WTO in 1995, augmented by literally hundreds of bilateral trade & investment treaties. This process has lifted "transnational capital to a de facto legal status equivalent to sovereign states" where corporations can challenge government policy and seek compensation before international tribunals whose reputation is hardly that of impartial, sage and just judges. Meanwhile TNC's much vaunted Corporate Social Responsibility policies of recent decades have developed into a means to smooth the progress of TNC's into new areas including those which were once regarded as core activities of the State.
The middle part of the book illustrates how the processes which he's described have developed in three sectors of the global economy: extractive (oil, gas, mining etc), garments and food. Though each sector is covered in only twenty or so pages Hilary manages to construct a detailed and nuanced account of developments, as well as casting a look into how things may pan out in the future.
The book ends with a look at alternatives, and while the achievements of the Bolivarian states in Latin America and those sympathetic to them play a leading role in this section, there is a wider consideration of how the Global South has reacted to the fallout from the Great Recession.
Where most works of economics published about the post Great Recession period are focussed on OECD countries and at best a BRIC or two, Hilarys book is unashamedly and impressively international in scope, and it is also clear that he knows exactly what he's talking about. For these reasons, and the fact that "The Poverty of Capitalism" is written in a readable, clear prose that enlightens rather than baffles the reader, I wouldn't hesitate to recommend this book to anyone with an interest in the current state of Global Political Economy, and defines Global as meaning the entire world.
"The Poverty of Capitalism" is John Hilarys (the chief executive of War on Want which campaigns with activists in the "developing" world for not just human rights but "against the root causes of global poverty, inequality and injustice") take on the state of capitalism globally in the aftermath of the Great Recession.
After setting out his stall in the introductory chapter Hilary moves on to looking at the Great Recession itself and ties it in with changes to the global economy not least the emergence of a few countries from the global south (in particular the BRIC's - Brazil, Russia, India and China) whose elites, it is argued, "have joined forces with their northern counterparts of the transnational capitalist class" and in effect "strengthened the dominance of capitalism". Hilary then turns to Transnational Corporations (TNC's) and how they have prospered during the Neo-liberal era. Key moments and developments are noted in the continual rise of TNC's from the Global Agreement on Tarrifs and Trade talks which culminated in the founding of the WTO in 1995, augmented by literally hundreds of bilateral trade & investment treaties. This process has lifted "transnational capital to a de facto legal status equivalent to sovereign states" where corporations can challenge government policy and seek compensation before international tribunals whose reputation is hardly that of impartial, sage and just judges. Meanwhile TNC's much vaunted Corporate Social Responsibility policies of recent decades have developed into a means to smooth the progress of TNC's into new areas including those which were once regarded as core activities of the State.
The middle part of the book illustrates how the processes which he's described have developed in three sectors of the global economy: extractive (oil, gas, mining etc), garments and food. Though each sector is covered in only twenty or so pages Hilary manages to construct a detailed and nuanced account of developments, as well as casting a look into how things may pan out in the future.
The book ends with a look at alternatives, and while the achievements of the Bolivarian states in Latin America and those sympathetic to them play a leading role in this section, there is a wider consideration of how the Global South has reacted to the fallout from the Great Recession.
Where most works of economics published about the post Great Recession period are focussed on OECD countries and at best a BRIC or two, Hilarys book is unashamedly and impressively international in scope, and it is also clear that he knows exactly what he's talking about. For these reasons, and the fact that "The Poverty of Capitalism" is written in a readable, clear prose that enlightens rather than baffles the reader, I wouldn't hesitate to recommend this book to anyone with an interest in the current state of Global Political Economy, and defines Global as meaning the entire world.
October 19, 2024
This book is a good introduction to a critique of global capitalism, however I feel it’s slightly dated - even though it’s only about a decade old, so much has happened to the specific subjects it covers! The collapse of the first wave of “pink tide” governments in Latin America and now the new wave, the rise and fall of left populist challengers in Western Europe, the two Bernie campaigns…I could go on. For this reason I think there are probably better intros you could find, either more recent or older but more timeless, even though this is a good book.
September 7, 2015
This book has 2 parts. The first long part detailed the evils of capitalism, such as moving of indigenous people from their land to grow stuffs that the market values, killing of protestors, forced labor in dangerous conditions for the global clothing chains etc. The second short part said that to combat those evils, one should adopt socialism, nationalize most economic means of production, and demilitarization! Only at the end I realize that the writer was pushing for communism for the whole world.
I loved the first part but cannot agree with the second part at all, as communism does not work!
I loved the first part but cannot agree with the second part at all, as communism does not work!
November 15, 2015
A compelling account of the growing inequality caused by global trade. If anything, I admire the iron will of the multinationals who turn the screws so tightly on poor producers. Now we know, it has to change.
Displaying 1 - 4 of 4 reviews