Capitalist Economics

by Samuel A. Chambers

Capitalist Economics introduces and explains the basic economic forces that shape the present and structure the future of capitalist societies today. Rejecting the idea that economics is a universal science of "choice" or the "efficient allocation of scarce resources," this book analyzes economic forces and relations as essential elements of a broader society. This entails understanding "the economic" as a logic that always operates alongside cultural, political, and social forces. As well, it requires grasping the economic as itself a product of historical development. This book explores the unique economic pressures found in capitalist societies, offering detailed yet concise analysis of basic concepts - commodities, money, exchange, interest - and investigating broader issues such as the source of profit, the nature of growth, and the role of technology and invention. Written for political scientists, sociologists, philosophers, cultural studies scholars, and beyond, the book is a completely new way of grasping socio-economic relations.

216 pages, Paperback

Published January 6, 2022

Reviews

[Brecht Rogissart · Rating 3 out of 5]

Read this because his ability to clarify concepts was unmatched in his latest book "money has no value". He's skilled in presenting a difficult theoretical problem in such simplicity and even elegance. This book is another great example. However, while his latest was a necessary and helpful intervention in a muddled debate (chartalist theory of money), this book goes to basics. I think it's good for people new to political economy (it is supposed to be used as a textbook), but doesn't bring much new - except a good and precise summary.

[Derrick Peng · Rating 5 out of 5]

This may well be my favorite non-fiction book of all time. I read it in class with Dr. Chambers while it was still a manuscript, and even managed to catch a couple typos which had slipped past the editor!

If you expected a conventional textbook about supply and demand, you'll be unpleasantly surprised to learn that this book hits closer to the fundamental aspects—not of general market forces—but of capitalism as a unique social order, under which a person's relation to and interaction with society is fundamentally (and not incidentally) governed by money.
You will learn about the origin and function of money, the commodity form, and the fundamental reason why profit cannot (in the long term) be derived from anything but labor. From this comes natural implications of how capitalist economies operate... and cease to operate.

This fundamental knowledge of capitalist theory represents truly half of what any serious economic mind ought to know about capitalism before engaging with it. The fact that such "political economy" has been hidden away from mainstream economics, and most emphasis instead placed on Surplus Value, Deadweight Loss, and other calculation exercises, serves to normalize capitalism and its economics as a "fact of life" rather than one mode of living.
This is not to say that a firm understanding of capitalism's mechanisms will make you an anti-capitalist. Indeed, the book does credit capitalism for our rapid technological progression, and does not outline concrete steps we ought to take to move away from (or ameliorate) capitalism, but it does lay out the facts and theories, which political-economic-philosophers have been debating and (mis)interpreting for well over a century.

If you feel like studying supply and demand curves hasn't gotten you to understand exactly WHY our economy exists the way it does... If you think mainstream economics, despite its technical competencies, is missing a big part of the picture... If you feel like the continued growth of modern capitalist markets have not translated to large-scale increases in quality of life for yourself... This book may be for you. It was enlightening for me.

[jakira · Rating 3 out of 5]

3 🌟's

ok i read like 70% of this for class so im counting it as a read lol. after having read thier's a people's guide to capitalism, this kind of falls short. it was still a good intro book with wonderful, accessible examples for those wanting to delve into the topic but i think it just seemed repetitive to me since i've already read smth similar before..

still wud recommend for beginners to this topic!

[Tyler Munn]

I wish this book was around when I was first learning about political economy. It is so clear and so brief. It is truly the best introduction to the Critique of Political Economy I have read. Give it to all your friends!