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Constructing Capitalism: An economic history of eastern Australia, 1788-1901
In 1788, Australia was a gaol. In 1901 it was a liberal capitalist economy.
How were the convict settlements, scattered on the edge of a vast unexplored continent, transformed within little more than a century into a 'free enterprise' economy?
In tracing the forces engaged in that transformation, Constructing Capitalism places the creation of a new society within its economic and political context. It demonstrates the crucial role of land policy and the labour market in the early years. It describes the rise of merchant capital and the vicissitudes of finance capital. It analyses the central role of the State in economic development.
By 1901 most of the legal, political and economic structures familiar to us today had been created. Constructing Capitalism reveals the foundations of contemporary Australia.
How were the convict settlements, scattered on the edge of a vast unexplored continent, transformed within little more than a century into a 'free enterprise' economy?
In tracing the forces engaged in that transformation, Constructing Capitalism places the creation of a new society within its economic and political context. It demonstrates the crucial role of land policy and the labour market in the early years. It describes the rise of merchant capital and the vicissitudes of finance capital. It analyses the central role of the State in economic development.
By 1901 most of the legal, political and economic structures familiar to us today had been created. Constructing Capitalism reveals the foundations of contemporary Australia.
218 pages, Kindle Edition
First published January 1, 1989
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Displaying 1 - 2 of 2 reviews
July 24, 2025
I have no recollection of how this book got on my radar. I bought it a few years ago and I remember that I had to buy it new. it was shipped from overseas without tracking, which was exciting. I wasn't sure if it would ever arrive. But then it did.
In any case, I really liked the idea of analyzing Australian history in this way. As a budding hobbyist Marxist, it sounded like a fruitful way to see capitalism take form under novel conditions. I feel like the book paid off in this regard.
The author clearly knows his Marx, with citations for all three volumes of "Capital," as well as "Theories of Surplus Value," and the "Grundrisse." My interest really began to increase in Chapter 5, when Wells discusses landed property in Marxist terms. From then on, it was sustained. The final chapter also ties things together in a nice way.
Wells is a good writer and everything was clearly articulated. If you have any modicum of interest in this book, I think you should read it.
In any case, I really liked the idea of analyzing Australian history in this way. As a budding hobbyist Marxist, it sounded like a fruitful way to see capitalism take form under novel conditions. I feel like the book paid off in this regard.
The author clearly knows his Marx, with citations for all three volumes of "Capital," as well as "Theories of Surplus Value," and the "Grundrisse." My interest really began to increase in Chapter 5, when Wells discusses landed property in Marxist terms. From then on, it was sustained. The final chapter also ties things together in a nice way.
Wells is a good writer and everything was clearly articulated. If you have any modicum of interest in this book, I think you should read it.
June 17, 2016
I don't have the right background in economics to properly appreciate this book. I did find it interesting however.
Displaying 1 - 2 of 2 reviews