Capitalism

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Capitalism is an

There is no universally agreed upon definition of capitalism; it is unclear whether or not capitalism characterizes an entire society, a specific type of social order, or crucial components or elements of a society.[34] Societies officially founded in opposition to capitalism (such as the Soviet Union) have sometimes been argued to actually exhibit characteristics of capitalism.^[35] Nancy Fraser describes usage of the term "capitalism" by many authors as "mainly rhetorical, functioning less as an actual concept than as a gesture toward the need for a concept".^[8] Scholars who are uncritical of capitalism rarely actually use the term "capitalism".^[36] Some doubt that the term "capitalism" possesses valid scientific dignity,^[34] and it is generally not discussed in mainstream economics,^[8] with economist Daron Acemoglu suggesting that the term "capitalism" should be abandoned entirely.^[37] Consequently, understanding of the concept of capitalism tends to be heavily influenced by opponents of capitalism and by the followers and critics of Karl Marx.^[36]

History

Capitalism, in its modern form, can be traced to the emergence of agrarian capitalism and mercantilism in the early

The economic doctrine prevailing from the 16th to the 18th centuries is commonly called mercantilism.^[44][45] This period, the Age of Discovery, was associated with the geographic exploration of foreign lands by merchant traders, especially from England and the Low Countries. Mercantilism was a system of trade for profit, although commodities were still largely produced by non-capitalist methods.^[46] Most scholars consider the era of merchant capitalism and mercantilism as the origin of modern capitalism,^[45][47] although Karl Polanyi argued that the hallmark of capitalism is the establishment of generalized markets for what he called the "fictitious commodities", i.e. land, labor and money. Accordingly, he argued that "not until 1834 was a competitive labor market established in England, hence industrial capitalism as a social system cannot be said to have existed before that date".^[48]

England began a large-scale and integrative approach to mercantilism during the

European merchants, backed by state controls, subsidies and monopolies, made most of their profits by buying and selling goods. In the words of Francis Bacon, the purpose of mercantilism was "the opening and well-balancing of trade; the cherishing of manufacturers; the banishing of idleness; the repressing of waste and excess by sumptuary laws; the improvement and husbanding of the soil; the regulation of prices...".^[50]

After the period of the

In the mid-18th century a group of economic theorists, led by David Hume (1711–1776)^[56] and Adam Smith (1723–1790), challenged fundamental mercantilist doctrines—such as the belief that the world's wealth remained constant and that a state could only increase its wealth at the expense of another state.

During the

Broader processes of globalization carried capitalism across the world. By the beginning of the nineteenth century, a series of loosely connected market systems had come together as a relatively integrated global system, in turn intensifying processes of economic and other globalization.^[60][61] Late in the 20th century, capitalism overcame a challenge by centrally-planned economies and is now the encompassing system worldwide,^[18][62] with the mixed economy as its dominant form in the industrialized Western world.

The inhabitant of London could order by telephone, sipping his morning tea, the various products of the whole earth, and reasonably expect their early delivery upon his doorstep. Militarism and imperialism of racial and cultural rivalries were little more than the amusements of his daily newspaper. What an extraordinary episode in the economic progress of man was that age which came to an end in August 1914.[66]

From the 1870s to the early 1920s, the global financial system was mainly tied to the

In the United States, the term "capitalist" primarily referred to powerful businessmen[70] until the 1920s due to widespread societal skepticism and criticism of capitalism and its most ardent supporters.

Contemporary capitalist societies developed in the West from 1950 to the present and this type of system continues throughout the world—relevant examples started in the

Harvard Kennedy School economist Dani Rodrik distinguishes between three historical variants of capitalism:[78]

• Capitalism 1.0 during the 19th century entailed largely unregulated markets with a minimal role for the state (aside from national defense, and protecting property rights);
• Capitalism 2.0 during the post-World War II years entailed Keynesianism, a substantial role for the state in regulating markets, and strong welfare states;
• Capitalism 2.1 entailed a combination of unregulated markets, globalization, and various national obligations by states.

Relationship to democracy

The relationship between

Political scientists Torben Iversen and David Soskice see democracy and capitalism as mutually supportive.^[84] Robert Dahl argued in On Democracy that capitalism was beneficial for democracy because economic growth and a large middle class were good for democracy.^[85] He also argued that a market economy provided a substitute for government control of the economy, which reduces the risks of tyranny and authoritarianism.^[85]

In his book

In

concentration of wealth can destabilize democratic societies and undermine the ideals of social justice upon which they are built.^[90]

States with capitalistic economic systems have thrived under political regimes deemed to be authoritarian or oppressive. Singapore has a successful open market economy as a result of its competitive, business-friendly climate and robust rule of law. Nonetheless, it often comes under fire for its style of government which, though democratic and consistently one of the least corrupt,

rule in Chile led to economic growth and high levels of inequality^[92] by using authoritarian means to create a safe environment for investment and capitalism. Similarly, Suharto's authoritarian reign and extirpation of the Communist Party of Indonesia allowed for the expansion of capitalism in Indonesia.^[93][94]

The term "capitalism" in its modern sense is often attributed to Karl Marx.^[46][95] In his Das Kapital, Marx analyzed the "capitalist mode of production" using a method of understanding today known as Marxism. However, Marx himself rarely used the term "capitalism" while it was used twice in the more political interpretations of his work, primarily authored by his collaborator Friedrich Engels. In the 20th century, defenders of the capitalist system often replaced the term "capitalism" with phrases such as free enterprise and private enterprise and replaced "capitalist" with rentier and investor in reaction to the negative connotations associated with capitalism.^[96]

Characteristics

Further information:

Academic perspectives on capitalism

In general, capitalism as an economic system and mode of production can be summarized by the following:^[97]

• Capital accumulation:^[98] production for profit and accumulation as the implicit purpose of all or most of production, constriction or elimination of production formerly carried out on a common social or private household basis.^[99]
• use-value
  .
• Private ownership of the means of production:^[11]
• Primacy of
  wage labor
  .
• The investment of money to make a profit.^[100]
• The use of the price mechanism to allocate resources between competing uses.^[11]
• Economically efficient use of the factors of production and raw materials due to maximization of value added in the production process.^[101][102]
• Freedom of capitalists to act in their self-interest in managing their business and investments.^[103]
• Capital suppliance by "the single owner of a firm, or by shareholders in the case of a joint-stock company."^[104]

Market

In

state-owned enterprises

or indirect economic planning to accumulate capital.

Competition arises when more than one producer is trying to sell the same or similar products to the same buyers. Adherents of the capitalist theory believe that competition leads to innovation and more affordable prices.

rent seeking

behaviors such as limiting output and raising prices because it has no fear of competition.

Governments have implemented legislation for the purpose of preventing the creation of monopolies and cartels. In 1890, the

Sherman Antitrust Act became the first legislation passed by the United States Congress to limit monopolies.^[106]

Wage labor

Main article:

Wage labor

Wage labor, usually referred to as paid work, paid employment, or paid labor, refers to the socioeconomic relationship between a worker and an employer in which the worker sells their labor power under a formal or informal employment contract.^[107] These transactions usually occur in a labor market where wages or salaries are market-determined.^[108]

In exchange for the money paid as wages (usual for short-term work-contracts) or salaries (in permanent employment contracts), the work product generally becomes the undifferentiated property of the employer. A wage laborer is a person whose primary means of income is from the selling of their labor in this way.^[109]

Profit motive

Main article: Profit motive

The profit motive, in the theory of capitalism, is the desire to earn income in the form of profit. Stated differently, the reason for a business's existence is to turn a profit.^[110] The profit motive functions according to rational choice theory, or the theory that individuals tend to pursue what is in their own best interests. Accordingly, businesses seek to benefit themselves and/or their shareholders by maximizing profit.

In capitalist theoretics, the profit motive is said to ensure that resources are being allocated efficiently. For instance,

Austrian economist Henry Hazlitt explains: "If there is no profit in making an article, it is a sign that the labor and capital devoted to its production are misdirected: the value of the resources that must be used up in making the article is greater than the value of the article itself".^[111]

Socialist theorists note that, unlike merchantilists, capitalists accumulate their profits while expecting their profit rates to remain the same. This causes problems as earnings in the rest of society do not increase in the same proportion. [112]

Private property

Main article: Private property

The relationship between the state, its formal mechanisms, and capitalist societies has been debated in many fields of social and political theory, with active discussion since the 19th century. Hernando de Soto is a contemporary Peruvian economist who has argued that an important characteristic of capitalism is the functioning state protection of property rights in a formal property system where ownership and transactions are clearly recorded.^[113]

According to de Soto, this is the process by which physical assets are transformed into capital, which in turn may be used in many more ways and much more efficiently in the market economy. A number of Marxian economists have argued that the

primitive accumulation and that specific legal frameworks of private land ownership have been integral to the development of capitalism.^[114][115]

Private property rights are not absolute, as in many countries the state has the power to seize private property, typically for public use, under the powers of eminent domain.

Market competition

Main article: Competition (economics)

In capitalist economics, market competition is the rivalry among sellers trying to achieve such goals as increasing profits, market share and sales volume by varying the elements of the

market process. It is a condition where "buyers tend to compete with other buyers, and sellers tend to compete with other sellers".^[119] In offering goods for exchange, buyers competitively bid to purchase specific quantities of specific goods which are available, or might be available if sellers were to choose to offer such goods. Similarly, sellers bid against other sellers in offering goods on the market, competing for the attention and exchange resources of buyers. Competition results from scarcity, as it is not possible to satisfy all conceivable human wants, and occurs as people try to meet the criteria being used to determine allocation.^[119]

^: 105

In the works of Adam Smith, the idea of capitalism is made possible through competition which creates growth. Although capitalism has not entered mainstream economics at the time of Smith, it is vital to the construction of his ideal society. One of the foundational blocks of capitalism is competition. Smith believed that a prosperous society is one where "everyone should be free to enter and leave the market and change trades as often as he pleases."

weasel words] that if all participants focus on their own goals, society's well-being will be water under the bridge. Smith maintains that despite the concerns of intellectuals, "global trends will hardly be altered if they refrain from pursuing their personal ends."^[121]

He insisted that the actions of a few participants cannot alter the course of society. Instead, Smith maintained that they should focus on personal progress instead and that this will result in overall growth to the whole.

Competition between participants, "who are all endeavoring to justle one another out of employment, obliges every man to endeavor to execute his work" through competition towards growth.[120]

Economic growth

Further information: Economic growth

This section needs expansion. You can help by adding to it. (January 2021)

Economic growth is a characteristic tendency of capitalist economies.^[122] However, capitalist economies may experience fluctuations in growth that cannot be accounted for by demographic or technological changes. These fluctuations, which involve sustained periods of economic growth and recession, are referred to as business cycles in macroeconomics. Economic growth is measured as growth in investment, economic output, and economic consumption per capita. Changes in hours of employment on their own are not considered as a factor of economic growth.^[14]

As a mode of production

Further information: Mode of production

The capitalist mode of production refers to the systems of organising production and distribution within capitalist societies. Private money-making in various forms (renting, banking, merchant trade, production for profit and so on) preceded the development of the capitalist mode of production as such.

The term capitalist mode of production is defined by private ownership of the means of production, extraction of surplus value by the owning class for the purpose of capital accumulation, wage-based labor and, at least as far as commodities are concerned, being market-based.^[123]

Capitalism in the form of money-making activity has existed in the shape of merchants and money-lenders who acted as intermediaries between consumers and producers engaging in simple commodity production (hence the reference to "merchant capitalism") since the beginnings of civilisation. What is specific about the "capitalist mode of production" is that most of the inputs and outputs of production are supplied through the market (i.e. they are commodities) and essentially all production is in this mode.^[11] By contrast, in flourishing feudalism most or all of the factors of production, including labor, are owned by the feudal ruling class outright and the products may also be consumed without a market of any kind, it is production for use within the feudal social unit and for limited trade.^[98] This has the important consequence that, under capitalism, the whole organisation of the production process is reshaped and re-organised to conform with economic rationality as bounded by capitalism, which is expressed in price relationships between inputs and outputs (wages, non-labor factor costs, sales and profits) rather than the larger rational context faced by society overall—that is, the whole process is organised and re-shaped in order to conform to "commercial logic". Essentially, capital accumulation comes to define economic rationality in capitalist production.^[99]

A society, region or nation is capitalist if the predominant source of incomes and products being distributed is capitalist activity, but even so this does not yet mean necessarily that the capitalist mode of production is dominant in that society.^[124]

Mixed economies rely on the nation they are in to provide some goods or services, while the free market produces and maintains the rest.^[104]

Role of government

Government agencies regulate the standards of service in many industries, such as airlines and broadcasting, as well as financing a wide range of programs. In addition, the government regulates the flow of capital and uses financial tools such as the interest rate to control such factors as inflation and unemployment.^[125]

Supply and demand

Main article: Supply and demand

In capitalist economic structures, supply and demand is an

good will vary until it settles at a point where the quantity demanded by consumers (at the current price) will equal the quantity supplied by producers (at the current price), resulting in an economic equilibrium for price and quantity

.

The "basic laws" of supply and demand, as described by David Besanko and Ronald Braeutigam, are the following four:^[126]: 37

1. If demand increases (demand curve shifts to the right) and supply remains unchanged, then a shortage occurs, leading to a higher equilibrium price.
2. If demand decreases (demand curve shifts to the left) and supply remains unchanged, then a surplus occurs, leading to a lower equilibrium price.
3. If demand remains unchanged and supply increases (supply curve shifts to the right), then a surplus occurs, leading to a lower equilibrium price.
4. If demand remains unchanged and supply decreases (supply curve shifts to the left), then a shortage occurs, leading to a higher equilibrium price.

Supply schedule

A supply schedule is a table that shows the relationship between the price of a good and the quantity supplied.^[127]

Demand schedule

A demand schedule, depicted graphically as the

goods that buyers are willing and able to purchase at various prices, assuming all determinants of demand other than the price of the good in question, such as income, tastes and preferences, the price of substitute goods and the price of complementary goods, remain the same. According to the law of demand, the demand curve is almost always represented as downward sloping, meaning that as price decreases, consumers will buy more of the good.^[128]

Just like the supply curves reflect marginal cost curves, demand curves are determined by marginal utility curves.^[129]

Equilibrium

Further information: Economic equilibrium

In the context of supply and demand, economic equilibrium refers to a state where economic forces such as

sellers. This price is often called the competitive price or market clearing

price and will tend not to change unless demand or supply changes.

Partial equilibrium

Main article: Partial equilibrium

Partial equilibrium, as the name suggests, takes into consideration only a part of the market to attain equilibrium. Jain proposes (attributed to George Stigler): "A partial equilibrium is one which is based on only a restricted range of data, a standard example is price of a single product, the prices of all other products being held fixed during the analysis".^[131]

History

According to Hamid S. Hosseini, the "power of supply and demand" was discussed to some extent by several early Muslim scholars, such as fourteenth century

Ibn Taymiyyah, who wrote: "If desire for goods increases while its availability decreases, its price rises. On the other hand, if availability of the good increases and the desire for it decreases, the price comes down".^[132]

John Locke's 1691 work Some Considerations on the Consequences of the Lowering of Interest and the Raising of the Value of Money^[133] includes an early and clear description^{[non-primary source needed]} of supply and demand and their relationship. In this description, demand is rent: "The price of any commodity rises or falls by the proportion of the number of buyer and sellers" and "that which regulates the price... [of goods] is nothing else but their quantity in proportion to their rent".

Types

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There are many variants of capitalism in existence that differ according to country and region.[137] They vary in their institutional makeup and by their economic policies. The common features among all the different forms of capitalism are that they are predominantly based on the private ownership of the means of production and the production of goods and services for profit; the market-based allocation of resources; and the accumulation of capital.

They include advanced capitalism, corporate capitalism, finance capitalism, free-market capitalism, mercantilism, social capitalism, state capitalism and welfare capitalism. Other theoretical variants of capitalism include anarcho-capitalism, community capitalism, humanistic capitalism, neo-capitalism, state monopoly capitalism, and technocapitalism.

Advanced

Advanced capitalism is the situation that pertains to a society in which the

Jürgen Habermas has been a major contributor to the analysis of advanced-capitalistic societies. Habermas observed four general features that characterise advanced capitalism:

1. Concentration of industrial activity in a few large firms.
2. Constant reliance on the state to stabilise the economic system.
3. A formally democratic government that legitimises the activities of the state and dissipates opposition to the system.
4. The use of nominal wage increases to pacify the most restless segments of the work force.^[141]

Corporate

Corporate capitalism is a free or mixed-market capitalist economy characterized by the dominance of hierarchical, bureaucratic corporations.

Finance

Finance capitalism is the subordination of processes of

Fernand Braudel would later point to two earlier periods when finance capitalism had emerged in human history—with the Genoese in the 16th century and with the Dutch in the 17th and 18th centuries—although at those points it developed from commercial capitalism.^{[147][need quotation to verify]} Giovanni Arrighi extended Braudel's analysis to suggest that a predominance of finance capitalism is a recurring, long-term phenomenon, whenever a previous phase of commercial/industrial capitalist expansion reaches a plateau.^[148]

Free market

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A capitalist free-market economy is an economic system where prices for goods and services are set entirely by the forces of

Fernand Braudel argued that free market exchange and capitalism are to some degree opposed; free market exchange involves transparent public transactions and a large number of equal competitors, while capitalism involves a small number of participants using their capital to control the market via private transactions, control of information, and limitation of competition.^[149]

Mercantile

Mercantilism is a nationalist form of early capitalism that came into existence approximately in the late 16th century. It is characterized by the intertwining of national business interests with state-interest and imperialism. Consequently, the state apparatus is used to advance national business interests abroad. An example of this is colonists living in America who were only allowed to trade with and purchase goods from their respective mother countries (e.g., Britain, France and Portugal). Mercantilism was driven by the belief that the wealth of a nation is increased through a positive balance of trade with other nations—it corresponds to the phase of capitalist development sometimes called the primitive accumulation of capital.

Social

A social market economy is a free-market or mixed-market capitalist system, sometimes classified as a

State capitalism is a capitalist market economy dominated by state-owned enterprises, where the state enterprises are organized as commercial, profit-seeking businesses. The designation has been used broadly throughout the 20th century to designate a number of different economic forms, ranging from state-ownership in market economies to the command economies of the former

In Socialism: Utopian and Scientific, Friedrich Engels argued that state-owned enterprises would characterize the final stage of capitalism, consisting of ownership and management of large-scale production and communication by the bourgeois state.^[152] In his writings, Vladimir Lenin characterized the economy of Soviet Russia as state capitalist, believing state capitalism to be an early step toward the development of socialism.^[153][154]

Some economists and left-wing academics including

Welfare capitalism is capitalism that includes social welfare policies. Today, welfare capitalism is most often associated with the models of capitalism found in Central Mainland and Northern Europe such as the

A mixed economy is a largely market-based capitalist economy consisting of both private and public ownership of the means of production and economic interventionism through macroeconomic policies intended to correct market failures, reduce unemployment and keep inflation low. The degree of intervention in markets varies among different countries. Some mixed economies such as France under dirigisme also featured a degree of indirect economic planning over a largely capitalist-based economy.

Most modern capitalist economies are defined as mixed economies to some degree, however French economist Thomas Piketty state that capitalist economies might shift to a much more laissez-faire approach in the near future.^[161]

Eco-capitalism

The term "Blue Greens" is often applied to those who espouse eco-capitalism. Eco-capitalism can be thought of as the right-wing equivalent to Red Greens.^{[164][need quotation to verify]}

Sustainable capitalism

Sustainable capitalism is a conceptual form of capitalism based upon sustainable practices that seek to preserve humanity and the planet, while reducing externalities and bearing a resemblance of capitalist economic policy. A capitalistic economy must expand to survive and find new markets to support this expansion.^[165] Capitalist systems are often destructive to the environment as well as certain individuals without access to proper representation. However, sustainability provides quite the opposite; it implies not only a continuation, but a replenishing of resources.^[166] Sustainability is often thought of to be related to environmentalism, and sustainable capitalism applies sustainable principles to economic governance and social aspects of capitalism as well.

The importance of sustainable capitalism has been more recently recognized, but the concept is not new. Changes to the current economic model would have heavy social environmental and economic implications and require the efforts of individuals, as well as compliance of local, state and federal governments. Controversy surrounds the concept as it requires an increase in sustainable practices and a marked decrease in current consumptive behaviors.^[167]

This is a concept of capitalism described in

The accumulation of capital is the process of "making money" or growing an initial sum of money through investment in production. Capitalism is based on the accumulation of capital, whereby financial capital is invested in order to make a profit and then reinvested into further production in a continuous process of accumulation. In Marxian economic theory, this dynamic is called the law of value. Capital accumulation forms the basis of capitalism, where economic activity is structured around the accumulation of capital, defined as investment in order to realize a financial profit.^[170] In this context, "capital" is defined as money or a financial asset invested for the purpose of making more money (whether in the form of profit, rent, interest, royalties, capital gain or some other kind of return).^[171]

In mainstream

Criticism of capitalism comes from various political and philosophical approaches, including

Other critics argue that such inequities are not due to the ethic-neutral construct of the economic system commonly known as capitalism, but to the ethics of those who shape and execute the system. For example, some contend that Milton Friedman's (human) ethic of 'maximizing shareholder value' creates a harmful form of capitalism,[206]^[207] while a Millard Fuller or John Bogle (human) ethic of 'enough' creates a sustainable form.^[208][209] Equitable ethics and unified ethical decision-making is theorized to create a less damaging form of capitalism.^[210]

Defence

One theory argues that Marx's theory of surplus value is untenable. It argues that the bias of exchange on the market leads to the appearance of the income gap between the entrepreneur and the worker. The entrepreneur acts as a medium while the worker does not. As the machine in the factory can produce multiple products of the same kind, the entrepreneur is enabled to sell such products to multiple consumers. He engages in multiple transactions with the consumers while the worker only engages in one transaction with the entrepreneur in the sale of the labor power of the worker. Assuming that when two sides engage in exchange and each gives an extra value to the other, the entrepreneur gains a lot of extra value, whereas the worker does not. This is the reason for the appearance of the income gap between the entrepreneur and the worker.^[211]

See also

References

Notes

Bibliography

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Further reading

• ISBN 0-9847857-0-1
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• Altvater, Elmar; Crist, Eileen;
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  .
• Ascher, Ivan. Portfolio Society: On the Capitalist Mode of Prediction. Zone Books, 2016.
  ISBN 978-1935408741
• ISBN 0-465-00296-X
  .
• Barbrook, Richard (2006). The Class of the New (paperback ed.). London: OpenMute.
  ISBN 978-0-9550664-7-4. Archived from the original
  on 1 August 2018. Retrieved 11 June 2019.
• ISBN 978-0-674-05071-6
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• ISBN 978-0-674-91932-7
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• Braudel, Fernand. Civilization and Capitalism, 15th-18th Century, 3 volumes.
• Callinicos, Alex. "Wage Labour and State Capitalism – A reply to Peter Binns and Mike Haynes", International Socialism, 2nd series, 12, Spring 1979.
• ISBN 978-0-691-19078-5. Archived
  from the original on 7 March 2020. Retrieved 6 March 2020.
• Farl, Erich. "The Genealogy of State Capitalism". In: International London, vol. 2, no. 1, 1973.
• ISBN 978-1-84694-317-1
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• Gough, Ian. State Expenditure in Advanced Capitalism Archived 7 February 2012 at the Wayback Machine New Left Review.
• Legitimation Crisis (eng. translation by T. McCarthy). Boston, Beacon. From Google books Archived 20 November 2015 at the Wayback Machine; excerpt
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• James, Paul; Patomäki, Heikki (2007). Globalization and Economy, Vol. 2: Global Finance and the New Global Economy. London: SAGE Publications. Archived from the original on 23 September 2020. Retrieved 28 January 2018.
• James, Paul; Palen, Ronen (2007). Globalization and Economy, Vol. 3: Global Economic Regimes and Institutions. London: Sage Publications. Archived from the original on 23 September 2020. Retrieved 28 January 2018.
• James, Paul; O'Brien, Robert (2007). Globalization and Economy, Vol. 4: Globalizing Labour. London: Sage Publications. Archived from the original on 23 September 2020. Retrieved 28 January 2018.
• Jameson, Fredric (1991). Postmodernism, or, the Cultural Logic of Late Capitalism.
• Kotler, Philip (2015). Confronting Capitalism: Real Solutions for a Troubled Economic System. AMACOM.
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• Mandel, Ernest (1999). Late Capitalism.
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• Marcel van der Linden, Western Marxism and the Soviet Union. New York, Brill Publishers, 2007.
• Mayfield, Anthony. "Economics", in his On the Brink: Resource Depletion, Debt Collapse, and Super-technology ([Vancouver, B.C., Canada]: On the Brink Publishing, 2013), pp. 50–104.
• Musacchio, Aldo; Lazzarini, Sergio G. (2014). Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond. Cambridge, MA: Harvard University Press.
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• Newitz, Annalee (2006). Pretend We're Dead: Capitalist Monsters in American Pop Culture. Durham, NC: Duke University Press.
  ISBN 978-0-8223-3745-4. Archived
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• Panitch, Leo, and Sam Gindin (2012). The Making of Global Capitalism: the Political Economy of American Empire. London, Verso.
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• Piketty, Thomas (2020).
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• Schram, Sanford F. (2015). The Return of Ordinary Capitalism: Neoliberalism, Precarity, Occupy. Oxford University Press.
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• Hoevet, Ocean. "Capital as a Social Relation" (New Palgrave article)
• Sombart, Werner (1916) Der moderne Kapitalismus. Historisch-systematische Darstellung des gesamteuropäischen Wirtschaftslebens von seinen Anfängen bis zur Gegenwart. Final edn. 1916, repr. 1969, paperback edn. (3 vols. in 6): 1987 Munich: dtv. (Also in Spanish; no English translation yet.)
• Tarnoff, Ben, "Better, Faster, Stronger" (review of John Tinnell, The Philosopher of Palo Alto: Mark Weisner, Xerox PARC, and the Original Internet of Things, University of Chicago Press, 347 pp.; and Malcolm Harris, Palo Alto: A History of California, Capitalism, and the World, Little, Brown, 708 pp.), The New York Review of Books, vol. LXX, no. 14 (21 September 2023), pp. 38–40. "[Palo Alto is] a place where the [United States'] contradictions are sharpened to their finest points, above all the defining and enduring contradictions between democratic principle and antidemocratic practice. There is nothing as American as celebrating equality while subverting it. Or as Californian." (p. 40.)
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External links

Wikimedia Commons has media related to Capitalism.

Wikisource has the text of the 1922 Encyclopædia Britannica article "Capitalism".

Wikiquote has quotations related to Capitalism.

Look up capitalism in Wiktionary, the free dictionary.

• Capitalism on In Our Time at the BBC
• Capitalism at Encyclopædia Britannica Online.
• Selected Titles on Capitalism and Its Discontents Archived 23 January 2018 at the Wayback Machine. Harvard University Press.

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Capitalism

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