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The Making of Economic Society
With its roots in history and eyes on the future, this book gives readers a balanced perspective of why our economic society is the way it is and where it may be headed by tracing its development from the Middles Ages to the present. Showing that today's economic problems cannot be understood unless we have an understanding of how they first arose, it explores the catalytic role past economic trends and dynamics have played in creating the present challenges we face, and offers suggestions on how we may deal with them most effectively.Focuses on problems and challenges of capitalism after the Golden Age (1945-1973), examining why the age came to an end and how globalization and income inequalities have changed the nature of capitalism. Considers the prospects of capitalism, outlines the essential features of a capitalist system, and stresses that capitalism can take many forms. Explores the concept of institutions, paying particular attention to the relation between states and markets, and workers and employers.
208 pages, Paperback
First published January 1, 1962
18 people are currently reading
404 people want to read
About the author
Robert L. Heilbroner
100 books112 followersRobert L. Heilbroner (March 24, 1919 – January 4, 2005) was an American economist and historian of economic thought. The author of some twenty books, Heilbroner was best known for The Worldly Philosophers, a survey of the lives and contributions of famous economists, notably Adam Smith, Karl Marx, and John Maynard Keynes.
Written in 1953, The Worldly Philosophers has sold nearly four million copies—the second-best-selling economics text of all time. The seventh edition of the book, published in 1999, included a new final chapter entitled "The End of Worldly Philosophy?", which included both a grim view on the current state of economics as well as a hopeful vision for a "reborn worldly philosophy" that incorporated social aspects of capitalism.
Although a highly unconventional economist, who regarded himself as more of a social theorist and "worldly philosopher" (philosopher pre-occupied with "worldly" affairs, such as economic structures), and who tended to integrate the disciplines of history, economics and philosophy, Heilbroner was nevertheless recognized by his peers as a prominent economist. He was elected Vice President of the American Economic Association in 1972.
He also came up with a way of classifying economies, as either Traditional (primarily agriculturally-based, perhaps subsistence economy), Command (centrally planned economy, often involving the state), Market (capitalism), or Mixed.
He was a trustee of the Economists for Peace and Security.
Heilbroner died on January 4, 2005 in New York, NY at the age of 85.
Written in 1953, The Worldly Philosophers has sold nearly four million copies—the second-best-selling economics text of all time. The seventh edition of the book, published in 1999, included a new final chapter entitled "The End of Worldly Philosophy?", which included both a grim view on the current state of economics as well as a hopeful vision for a "reborn worldly philosophy" that incorporated social aspects of capitalism.
Although a highly unconventional economist, who regarded himself as more of a social theorist and "worldly philosopher" (philosopher pre-occupied with "worldly" affairs, such as economic structures), and who tended to integrate the disciplines of history, economics and philosophy, Heilbroner was nevertheless recognized by his peers as a prominent economist. He was elected Vice President of the American Economic Association in 1972.
He also came up with a way of classifying economies, as either Traditional (primarily agriculturally-based, perhaps subsistence economy), Command (centrally planned economy, often involving the state), Market (capitalism), or Mixed.
He was a trustee of the Economists for Peace and Security.
Heilbroner died on January 4, 2005 in New York, NY at the age of 85.
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Displaying 1 - 20 of 20 reviews
April 10, 2024
This was a classic at the time, compulsory reading for university courses, but far too detailed. And perhaps in the meanwhile rather outdated.
March 4, 2017
This little book is an excellent introduction to Economics by Robert Heilbroner, one of the best economic historians of the middle of the 20th Century. In it, Heilbroner writes about the history of Western society from the vantage point of economics, and by doing so he introduces the reader to the major principles of economic theory. Heilbroner starts with the ancient world and discusses economic history in a way that is eminently readable and enjoyable. He avoids the vices of most modern historians who read modern values and social systems into the past, but rather Heilbroner is careful to explain the various systems that shaped society in the past, such as religion, politics, culture and other factors. Heilbroner also discussed at length the major economic systems of mankind, the traditional, the capitalistic and the command economy. His treatment is very thorough but understandable, and the reader walks away feeling like he truly understands how each of these economic systems work.
Overall I was thoroughly impressed with this work, although there were a couple of things that prevented me from giving this a 5 star rating. Firstly, Heilbroner's treatment of the Soviet economy under Stalin was a bit too apologetic in my mind. This is understandable, since Heilbroner defended the position of the Church in the Medieval economy and in other ways sought to avoid passing judgement on people or institutions. Still, his explanation of the misery brought about by Stalin in the 1920s and 30s reminded me of Walter Duranty, who in the 1930s commented about Stalin's massacre of millions of Ukrainians during collectivization, "well, in order to make an omelette one must break a few eggs!" Secondly, Heilbroner's treatment of economic development in the Third World was lacking in my opinion. Specifically, Heilbroner fell into the position of many scholars of the 1950s and 60s who blamed Third World poverty on overpopulation as the root of all development evils. Certainly we have seen the weird demographic price that society has paid since the 1960s for its birth control policies, and ironically much of the labor that fuels economic growth in Europe and North America today comes from the young men and women from the Third World who were the products of "overpopulation". Still, one can't blame Heilbroner for falling into the fallacies of his day. Karl Marx once said that human capital is the source of all true economic growth, and he labeled those who disagreed with him as the "vulgar economists." By the 1960s, it seems that the vulgar economists were in charge.
I would highly recommend this little book to anyone who is a student of economics or who simply wants to read a good, readable introduction to economic thought and history.
Overall I was thoroughly impressed with this work, although there were a couple of things that prevented me from giving this a 5 star rating. Firstly, Heilbroner's treatment of the Soviet economy under Stalin was a bit too apologetic in my mind. This is understandable, since Heilbroner defended the position of the Church in the Medieval economy and in other ways sought to avoid passing judgement on people or institutions. Still, his explanation of the misery brought about by Stalin in the 1920s and 30s reminded me of Walter Duranty, who in the 1930s commented about Stalin's massacre of millions of Ukrainians during collectivization, "well, in order to make an omelette one must break a few eggs!" Secondly, Heilbroner's treatment of economic development in the Third World was lacking in my opinion. Specifically, Heilbroner fell into the position of many scholars of the 1950s and 60s who blamed Third World poverty on overpopulation as the root of all development evils. Certainly we have seen the weird demographic price that society has paid since the 1960s for its birth control policies, and ironically much of the labor that fuels economic growth in Europe and North America today comes from the young men and women from the Third World who were the products of "overpopulation". Still, one can't blame Heilbroner for falling into the fallacies of his day. Karl Marx once said that human capital is the source of all true economic growth, and he labeled those who disagreed with him as the "vulgar economists." By the 1960s, it seems that the vulgar economists were in charge.
I would highly recommend this little book to anyone who is a student of economics or who simply wants to read a good, readable introduction to economic thought and history.
September 27, 2015
I'll eventually re-read the book. I remember it being very important not only to my idea of economics, but to my idea of the world. Probably the most important book I read as an undergraduate.
May 1, 2020
The lifelong socialist confessed in 1989:
This book or at least this edition lacks that insight.
Buried away on my parents' bookcase was this textbook from their time in university. I don't know if it was my mother's (statistics) or my father's (commerce), but it seems to have served as a textbook to an introduction to economics course. The edition is 1972, somewhere in the middle of the 11 editions to be published between 1962 and 2001.
Seeing how my economic studies have leaned to the right since my first economics course in university in 1999, I thought it would be good to read something from the other side for balance.
This is much more a history or policy book than an economics book though. It begins with a description of America 'today' (1970ish) and the economic problem. Here he introduced his notion of traditional, command and market economies and the various ways they solve the 'economic problem' ("the process of providing for the material well-being of society" (page 14).
Then he moves into the builk of the book, a history of the America and the western world right up until the New Deal. The strengths are that he covers a large scope rathe well, not romanticising any period though his editing of the section on the Middle Ages leaves much to be desired.
On page 39 he notes, "Modern scholarship emphasizes more and more the diversity which characterizes that enormous span of time and space" but then goes no to generalize and rely on R.H. Tawney and G.G. Coulton concluding the section with "Tradition, changelessness, order-these were they key concepts of economic society in the Middle Ages." (p. 54) Even more awkwardly he places the crusades after the Middle Ages and in the Chapter 'The Emergence of the Market Society'
The Amero-centrism is broken in chapter 10 'The Drift of European Economic History' and chapters focusing on multi-national corporations, the underdeveloped world and the trajectory of economic society culminating in the hilarious conclusion 'Is Capitalism the Problem?' (spoiler, yes, but it is not irredeemably the problem, as the market with a good amount of command from government is the best form). Fortuitously America and western Europe (and Canada) is moving in the direction and so are the socialist governments of Yugoslavia and various satellite nations, maybe even the Soviet Union.
But the fun was reading the predictions, some fairly accurate and some spectacularly wrong. The predicted Malthusian collapse didn't materialise but the unpredicted Soviet one did occur. Hong Kong and South Korea were frequently lumped in with Latin America and Africa as underdeveloped nations in queue for a long and hard process of industrialisation.
Other fun predictions: 'peak' everything (oil, iron, sinc, copper, lead), the environmental collapse and the unfortunately wrong prediction of the "problem of work, or rather the gradually diminishing need for work, and the rising question of what will take the place of work as the great object of human energy." (p. 240)
In the end, his prediction of a market economy guided by a rather heavy and very visible political hand has come to pass, but not in gradual way he predicted. Pinochet replaced Allende (who he alludes to), Ronald Reagan, Margaret Thatcher and Brian Mulroney in the 1980s play a significant role in the return to economic growth. And the current Donald Trump reaction to the government interventionism of Barack Obama all indicate that market capitalism will simply not go gently into that good night.
Less than 75 years after it officially began, the contest between capitalism and socialism is over: capitalism has won... Capitalism organizes the material affairs of humankind more satisfactorily than socialism.
This book or at least this edition lacks that insight.
Buried away on my parents' bookcase was this textbook from their time in university. I don't know if it was my mother's (statistics) or my father's (commerce), but it seems to have served as a textbook to an introduction to economics course. The edition is 1972, somewhere in the middle of the 11 editions to be published between 1962 and 2001.
Seeing how my economic studies have leaned to the right since my first economics course in university in 1999, I thought it would be good to read something from the other side for balance.
This is much more a history or policy book than an economics book though. It begins with a description of America 'today' (1970ish) and the economic problem. Here he introduced his notion of traditional, command and market economies and the various ways they solve the 'economic problem' ("the process of providing for the material well-being of society" (page 14).
Then he moves into the builk of the book, a history of the America and the western world right up until the New Deal. The strengths are that he covers a large scope rathe well, not romanticising any period though his editing of the section on the Middle Ages leaves much to be desired.
On page 39 he notes, "Modern scholarship emphasizes more and more the diversity which characterizes that enormous span of time and space" but then goes no to generalize and rely on R.H. Tawney and G.G. Coulton concluding the section with "Tradition, changelessness, order-these were they key concepts of economic society in the Middle Ages." (p. 54) Even more awkwardly he places the crusades after the Middle Ages and in the Chapter 'The Emergence of the Market Society'
The Amero-centrism is broken in chapter 10 'The Drift of European Economic History' and chapters focusing on multi-national corporations, the underdeveloped world and the trajectory of economic society culminating in the hilarious conclusion 'Is Capitalism the Problem?' (spoiler, yes, but it is not irredeemably the problem, as the market with a good amount of command from government is the best form). Fortuitously America and western Europe (and Canada) is moving in the direction and so are the socialist governments of Yugoslavia and various satellite nations, maybe even the Soviet Union.
But the fun was reading the predictions, some fairly accurate and some spectacularly wrong. The predicted Malthusian collapse didn't materialise but the unpredicted Soviet one did occur. Hong Kong and South Korea were frequently lumped in with Latin America and Africa as underdeveloped nations in queue for a long and hard process of industrialisation.
Other fun predictions: 'peak' everything (oil, iron, sinc, copper, lead), the environmental collapse and the unfortunately wrong prediction of the "problem of work, or rather the gradually diminishing need for work, and the rising question of what will take the place of work as the great object of human energy." (p. 240)
In the end, his prediction of a market economy guided by a rather heavy and very visible political hand has come to pass, but not in gradual way he predicted. Pinochet replaced Allende (who he alludes to), Ronald Reagan, Margaret Thatcher and Brian Mulroney in the 1980s play a significant role in the return to economic growth. And the current Donald Trump reaction to the government interventionism of Barack Obama all indicate that market capitalism will simply not go gently into that good night.
January 5, 2023
If there is only one mandatory class on Economics for high-school students, it must be the class based on this book. I took one mandatory economics class in high school and it emphasized standard microeconomics, i.e., demand-supply diagrams. I did not like it. Young people today can just watch Youtube videos and understand the concept in minutes.
This is one of the two books that Heilbroner's most proud of, besides the Worldly Philosopher. It aims to explain the rise of market society, where the logic of commerce trumps traditions and command. The rise of capitalism is a gigantic topic, and most books are suitable for academics or experts. Any author must explain the logic behind the rise of market societies with the emergence of new economic ideas from the Mercantilists, Physiocrats, Adam Smith, and so forth. The task is daunting, but Heilbroner struck a nice balance between facts, narratives, numbers, anecdotes, and some economic theories. This book is structured in a textbook style that general readers can enjoy easily. Economics is inherently a dry subject. There are not many scholars who can write something about economics enjoyable, but Heilbroner is one of them. I highly recommend this book.
One downside of this 13th version is that I feel the last two chapters are not quite smooth and precise. Perhaps it's because the second author solely wrote them (after Heilbroner sadly passed away).
This is one of the two books that Heilbroner's most proud of, besides the Worldly Philosopher. It aims to explain the rise of market society, where the logic of commerce trumps traditions and command. The rise of capitalism is a gigantic topic, and most books are suitable for academics or experts. Any author must explain the logic behind the rise of market societies with the emergence of new economic ideas from the Mercantilists, Physiocrats, Adam Smith, and so forth. The task is daunting, but Heilbroner struck a nice balance between facts, narratives, numbers, anecdotes, and some economic theories. This book is structured in a textbook style that general readers can enjoy easily. Economics is inherently a dry subject. There are not many scholars who can write something about economics enjoyable, but Heilbroner is one of them. I highly recommend this book.
One downside of this 13th version is that I feel the last two chapters are not quite smooth and precise. Perhaps it's because the second author solely wrote them (after Heilbroner sadly passed away).
March 12, 2023
Despite being published in the 1960's and thus not covering a half century of economic changes, Heilbroner's book has more relevant due to Donald Trumps' recent explicit endorsement of mercantilism. There are surely works more focused on that phase of economic history, but The Making of Economic Society is very accessible.
It should be said that to broach such a broad topic, Heilbroner often makes pretty general statements about how the world (read Western Europe and later the United States) organized its resources across various moments in history. The early history is especially egregious, but the treatment of the so-called "backwards" nations is also quite generalized. Although he briefly describes the ill effects of imperialism in many nations underdeveloped, he does not seem to consider the effects that these imperial regimes had in their metropoles.
Still the book is engaging, and an easy read. I got very little out of the first thirty or so pages, but the chapter on the middle ages was fascinating.
It should be said that to broach such a broad topic, Heilbroner often makes pretty general statements about how the world (read Western Europe and later the United States) organized its resources across various moments in history. The early history is especially egregious, but the treatment of the so-called "backwards" nations is also quite generalized. Although he briefly describes the ill effects of imperialism in many nations underdeveloped, he does not seem to consider the effects that these imperial regimes had in their metropoles.
Still the book is engaging, and an easy read. I got very little out of the first thirty or so pages, but the chapter on the middle ages was fascinating.
May 25, 2019
Imagine a very well written introductory economics textbook. Now imagine it has no graphs. No axes.
None. No bar graphs. No pie charts. Just words.
Now imagine you're an undergrad facing Macro Theory and you're scared spitless. Relax! This book makes clear what your professor will inevitably obfuscate and muddle, because that's what econ professors are SUPPOSED to do.
It's the law.
None. No bar graphs. No pie charts. Just words.
Now imagine you're an undergrad facing Macro Theory and you're scared spitless. Relax! This book makes clear what your professor will inevitably obfuscate and muddle, because that's what econ professors are SUPPOSED to do.
It's the law.
January 9, 2020
Requirement for Grad school
December 28, 2025
ni me acuerdo tio
August 5, 2013
An excellent book from an educational point of view!
The writer was able to demonstrate the evolution of the economic behavior of different societies according to their environmental conditions as well as the humanitarian input of society individuals (inventions, theories, philosophies, religion ...etc.)
The book was also able to introduce some basic thoughts of political economy and an evaluation of different economic theories and an analysis of the application in society.
The book had two main disadvantages, first the languages at some parts was unnecessarily bulky and indirect and used complicated adjectives. The second disadvantage is that the book, in my opinion, should have spent more pages analyzing the philosophies of the socialist regimes and the reasons for their failure.
But in general the book is really useful and enriching.
The writer was able to demonstrate the evolution of the economic behavior of different societies according to their environmental conditions as well as the humanitarian input of society individuals (inventions, theories, philosophies, religion ...etc.)
The book was also able to introduce some basic thoughts of political economy and an evaluation of different economic theories and an analysis of the application in society.
The book had two main disadvantages, first the languages at some parts was unnecessarily bulky and indirect and used complicated adjectives. The second disadvantage is that the book, in my opinion, should have spent more pages analyzing the philosophies of the socialist regimes and the reasons for their failure.
But in general the book is really useful and enriching.
November 3, 2015
در شگفت نیستم از اینکه دانش نسل ما از شکلگیری اقتصادی دنیا اینقدر اندک است. اگر می خواهید که نظری اجمالی داشته باشید بر این سفربشر خواندن این کتاب به شدت توصیه می شود. از گذشته های دور شروع می کند و بعد دوران فئودالیسم و بعد انقلاب صنعتی و گریت دپرشن و بعد جنگ جهانی دوم و بعد به دوران طلایی کپیتالیسم و دوران افول سال ۲۰۰۸ می رسد. ریشه ها و یادگرفتنی ها را به خ��بی بیان می کند و نگاهی کوتاه به اقتصاد در سایه سوسیالیسم در چین و شوروی دارد و درنهایت این نکته را بررسی می کند که چرا یک کشور بعد از استثمار رشدمی کند ودیگری رشد نمی کند. وجود یک حکومت درستکار که پایه های اقتصادی را درست بیان کند رمز آن می داند و به شدت به نقش زنان تاکید می کند.متن انگلیسی کتاب روان نیست.
January 28, 2014
MOES serves as a gateway to economic thinking. It's short, easy-to-read, and brilliant, simply brilliant. Many critics suggest that the book is not as in depth as it should be, but that's the whole point. It implants a template of questions in the reader's mind (some attached with very general answers), and allows the reader to search for the truth on his own.
I strongly suggest you read this book before diving into any other book in the broad field of Economics.
I strongly suggest you read this book before diving into any other book in the broad field of Economics.
March 30, 2015
I'd give this 4.5. It's a quick, but not necessarily easy (at least for an English-lit major who had one economics class in college that I was mostly stoned out of my gourd during), read that takes us from hunter-gather economies through serfdom, the beginnings of the market economy, the industrial revolution/s up to the present problem of growing wealth inequality that is both evident within individual countries and the world as a whole.
December 22, 2012
This book is simply amazing from an education point of view. I gave it four stars just because there are parts of the book where the writing gets pretty dry. Overall, this is an amazing compendium of the economics history of the capitalist world. This is a great primer for anyone who is interested in later reading those historical works that are comprised of volumes and volumes.
July 1, 2007
ببینیم جیه؟
June 8, 2014
A brilliant book for beginners in the foundations of Economics.
March 14, 2017
Wonderful introduction to economics and economic history from one of my favorite minds on this subject. Heilbroner maintains a broad world view, accute insights, and a humanisitic perspective.
May 16, 2021
A little hodgepodge but still a good introduction to economic history.
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December 13, 2017A very good book of the economy society history for beginner. Easy and clear.
Displaying 1 - 20 of 20 reviews