John Cassidy’s Capitalism and Its Critics offers a sweeping, accessible history of capitalism as seen through the eyes of its most influential and persistent critics. The book traces capitalism’s evolution from its origins in state-backed mercantilism and the Industrial Revolution to the present era of artificial intelligence, climate crisis, and rising inequality24. Cassidy’s approach is distinctive: rather than focusing solely on economic theory, he weaves together biography, history, and the lived experiences of both famous and lesser-known critics to illuminate the system’s enduring contradictions and the recurring challenges it faces25.
Historical Scope
Begins with early capitalism, highlighting the British East India Company and the rise of industrialization3.
Moves through key moments: the Luddite rebellion against automation, the spread of socialism, colonialism’s role in capitalist expansion, and the emergence of global free trade23.
Concludes with contemporary issues, including artificial intelligence, ecological crises, and the modern degrowth movement246.
Key Critics and Ideas
Profiles a wide range of thinkers: from Adam Smith and Karl Marx to lesser-known figures like William Thompson, Flora Tristan, Eric Williams, and Nicholas Georgescu-Roegen25.
Showcases both left- and right-wing critiques, including those of Thomas Carlyle (who lamented the loss of traditional social bonds) and Joan Robinson (who critiqued Keynesianism’s limitations)5.
Highlights the recurring pattern: capitalism is always either in crisis, recovering from crisis, or heading toward the next one1.
Major Criticisms of Capitalism
Dehumanization and alienation of workers5.
Instability and frequent crises, requiring government intervention despite the rhetoric of laissez-faire13.
Reliance on compulsion, including colonial exploitation, slavery, and unpaid domestic labor3.
Persistent inequality and the tendency for wealth to concentrate35.
Disruption of social norms and traditional ways of life5.
Cassidy emphasizes that critics have often been marginalized or ignored in their time, only to be vindicated later as capitalism adapts and new contradictions arise15.
He draws attention to how capitalism’s ability to evolve and absorb criticism is both a source of resilience and a reason its fundamental problems remain unresolved15.
The book avoids abstract models, focusing instead on real-world consequences and the lived experiences of those affected by, and resisting, capitalist systems12.
The narrative is praised for being dense with information but free of jargon, making complex economic history accessible to a broad audience3.
Cassidy blends panoramic history with lively biography, offering a “kaleidoscopic” view that connects past and present debates24.
The book is seen as both a powerful critique of capitalism’s unsustainability and a reminder of the system’s remarkable adaptability35.
Capitalism and Its Critics is a comprehensive, engaging account that brings to life the ongoing debate over capitalism’s merits and failures. By centering the voices of its critics-from the Industrial Revolution to the age of AI-Cassidy illuminates the deep roots of today’s economic challenges and the persistent search for alternatives235.