For fans of Bernie Sanders and Thomas Piketty, an urgent intervention against capitalism revealing how economic models serve the extremely wealthy and powerful at the expense of ordinary people—and how we can reclaim our power to make choices about our economic lives.
Capitalism isn’t inevitable, scientific, or natural—it's a relatively young system that can be replaced. In this radical rethinking of economics, Clara Mattei argues that enduring problems such as poverty, unemployment, and inflation are not bugs in the economy but core features. They are justified with pseudoscientific models, fabrications built to support a capitalist economy that unfairly rewards people with the most resources.
The tools of economic experts—budget cuts, interest rate hikes, and regressive taxes—are sold as apolitical but disguise a bleak they maintain our capitalist system, reinforcing inequality. Central bankers raise interest rates knowing this will cause a recession and pain to working families. Governments slash tax collection jobs in the name of balanced budgets, which actually shields the wealthy from tax enforcement and creates budget shortfalls used to justify cuts in social services. Textbooks teach that unemployment must rise to fix inflation. But this model creates conditions that force people to accept crummy jobs and low pay.
In the wake of World War I, when the world’s economy was in turmoil, economics was elevated to a scientific discipline, legitimized through mathematical formulas and new economic institutions considered too sophisticated for the average person to understand. Today’s economic institutions, from the Fed to the IMF, wield immense power over monetary policy yet are shielded from democratic scrutiny. Why should we accept a system that delegates crucial decisions that impact our lives to institutions in which we have no say?
All the major problems today—from a healthcare system that prioritizes profits over well-being to the rise of ultranationalism—are rooted in an economic system that fails to serve the common good. In this revelatory manifesto, Mattei sets out a revolutionary vision that may one day allow us to achieve true economic freedom and finally escape from capitalism.
I can’t remember the last time I had so much fun reading an economics book. Clara Mattei’s passion (and anger at the current system we live in) is infectious, and the mix of historical accounts with present situations and more political/philosophical reflections on what do we truly want as humans, as well as the necessity to redefine “freedom” are highly compelling.
Thank you to NetGalley and Simon & Schuster for the ARC!
“Capitalism has no vision for humanity.” Leftist economic political theory? Let’s fuckinggggggg go.
This was my first reading of Mattei’s writing and I found the arguments to be interesting and approachable. The primary caveat being that this will be most informative to a reader who is already familiar with leftist political theory and leftist economic theory. If you’re not, reading an introductory work—like Confronting Capitalism by Vivek Chibber or even Marx For Beginners by Rius—will be helpful in enabling a reader’s understanding of the concepts.
For their part, Mattei is a clear and engaging writer. If you’re concerned about a dry, academic tone, don’t be. Each chapter expands upon an economic concept, its origins and impact, and is anchored with an example of the human cost of capitalism. Mattei doesn’t shy away from chastising traditional “perfect market” economists, like the Chicago Boys, for ignoring the impossibility of divorcing economics from political institutions and market realities. Mattei also explores capitalism’s ties to fascism, through historical examples of Italy’s economic developments and worker repression under Mussolini and ties the impact back to present day. For example: “It is common among well-meaning liberals to point fingers at the likes of Donald Trump, Viktor Orbán, and Giorgia Meloni as bad actors. But the strong parallels between the economic policies of Mussolini’s fascist regime and the British government of the 1920s dissolves the reassuring distinction between right-wing authoritarian governments and liberal democracy. This blurred distinction is more common than we might think in the recent history of capitalism.”
Similarly, Mattei has a chapter of condemnation for the state of Israel and its violent capitalist subjugation and colonization of the Palestinian people: “The relationship of Israel with the Palestinian territories vividly illustrates how the capitalist wealth of developed nations is built on the subjugation of weaker economies.”
More to the point, however, Mattei is successful at illustrating how citizens are forced to opt into the capitalist system while simultaneously being left with minimal resources to challenge it: “As the state dismantles health care, education, social housing, transportation, and public services, we must worry about having money in our pockets to meet our basic needs.” “how can we find the strength to participate in any collective initiative toward alternative economic structures or even just protect our rights?”
I enjoyed this book and will certainly look into Mattei’s other work, The Capital Order.
Clara E. Mattei’s Escape from Capitalism is a passionate critique of the economic system we live in—and the myths that keep it in place. She makes a compelling argument that unemployment, poverty, and wage suppression are not flaws in capitalism, but features that maintain its grip.
I loved the way the book connected past and present, showing how post-WWI economic “science” was deliberately designed to keep ordinary people out of the decision-making process. There’s a lot here for fans of Bernie Sanders and Thomas Piketty to chew on.
Be prepared, though—this isn’t light reading. The text leans academic, and some chapters require extra focus to digest. Still, if you’re willing to engage, the ideas here are vital for anyone who’s ever questioned whether there might be a better way forward.
Very effective at arguing WHY we should escape capitalism, lighter on the HOW (or IF it's even possible). Highly recommend for anyone interest in the economics of capitalism and why it fails the majority of people while claiming to help them.