Marcus Rediker’s review of “Capitalism: A Global History” by Sven Beckert.

Overview

Sven Beckert’s 1,300-page work provides an epic reinterpretation of capitalism, framing it as a 900-year-old global phenomenon rather than a strictly European invention. The book aims to “name the beast,” tracing the system’s origins from medieval port cities to modern industrial behemoths.

Key Themes and Historical Findings

• Global Origins: Beckert traces capitalism back to merchants in diverse locations such as Aden, Cairo, and Changzhou, rather than viewing it as a “natural” development born solely in the West.

• The Role of the State and Violence: The history refutes the myth of the “invisible hand.” Beckert argues that capitalism has always depended on state military power, militarized trade, and “extreme violence,” including the Atlantic slave trade.

• Commodification of Life: The book explores how investors conducted “civil experiments” in places like Barbados and Potosí, extending market logic to all aspects of life and turning human labor into a commodity.

• Resilience and Adaptability: Capitalism is described as “protean,” surviving resistance from both landed aristocrats (who viewed money-making as sinful) and local craftspeople with different moral economies.

Narrative Style and Focus

• Humanizing the Economy: Beckert enriches the narrative by focusing on specific locations and figures, such as the Godrej family in India, who leveraged political connections to build an industrial empire.

• Labor and Resistance: While the book acknowledges the role of workers and rebellions (like the Haitian Revolution) in shaping the welfare state, the reviewer notes it remains more a study of political economy than a “history from below.”

Critical Perspective

• Strengths: The reviewer praises the book as a “learned, formidable, and vivid” synthesis of qualitative and quantitative evidence that will be of “generational importance.”

• Omissions: Rediker notes that the book is “terracentric,” failing to give adequate attention to the maritime technology (tall ships) and the sailors whose labor made the global market possible.