Capitalism: With a New Postscript on the Financial Crisis and Its Aftermath

Key Concepts (Polity)

by Geoffrey Ingham

Now with a substantial new postscript on the financial crisis This book provides a basic introduction to the 'nuts and bolts' of capitalism. It starts by examining the classic accounts of capitalism found in the works of Adam Smith, Karl Marx, Max Weber, Joseph Schumpeter, and John Maynard Keynes. Each placed emphasis on different institutional elements of capitalism - Smith on the market's 'invisible hand'; Marx on capital's exploitation of labour; Weber on the foundations of economic rationality; and Schumpeter and Keynes on the instability that results from capitalism's essentially monetary and financial character.

Drawing on these classic accounts, Ingham then offers a succinct analysis of capitalism's basic institutions and their interconnections. Market exchange, the monetary system, the enterprise, capital and financial markets, and the role of the state are dealt with in separate chapters which make use of contemporary material on the recent history of the capitalist system - including the great inflation of the 1970s and the neo-liberal backlash; the 'dot.com' bubble of the late 1990s; and the collapse of Enron and other US corporations. This revised version includes a substantial new postscript on the financial crisis of 2007-8 and its aftermath. The result is a concise, masterly and up-to-date account of the world's most powerful economic system, written in a way that is accessible to students and general readers alike.

Genres: Economics, Sociology

369 pages, Kindle Edition

First published September 26, 2008

Reviews

[Raya Al-Raddadi · Rating 5 out of 5]

A very comprehensive book that explores the world's most powerful economic system. The major contribution of the book is the general explanation of the basic elements, workings (and contradictions) of the capitalist system. Ingham's aim is to refocus attention on "the systemic nature of capitalism." The book, hence, starts by examining the classic accounts of capitalism found in the works of Adam Smith, Karl Marx, Max Weber, Joseph Schumpeter, and John Maynard Keynes. Then, it addresses in separate chapters the history, structure and role of each of the following: market exchange, the monetary system, the enterprise, the state, capital and financial markets. The book is originally published in 2008 but has been reprinted to include a new postscript on the financial crisis and its aftermath, focusing on the causes behind it, its origin and spread throughout the financial economy. The book is theoretically and empirically detailed, but at the same time succinct and clearly written.

[Jakub Lupták · Rating 4 out of 5]

Very good, concise, balanced and informative.

Could have explained some key events a bit more tho, especially as they were mentioned as important drivers for changes of economic policy (Breton woods agreements, 1970s stagflation etc)

[Guifré B. · Rating 4 out of 5]

Llibre que tracta aspectes econòmics desdel punt de vista de la sociologia, per tant, interessant.
Força atemporal en les seves crítiques i opinions.
Manca profunditzar en alguns temes i divaga en excès.
Keynes, Schumpeter, Weber, Marx, ...

Crític amb els derivats financers per haver provocat la crisi econòmica, encara que creu que es tracta d'un problema intrísec del capitalisme. Idea que va repetint al llarg del llibre.