John Cassidy’s Capitalism and Its Critics is a sweeping, panoramic history of global capitalism, uniquely told through the eyes of its fiercest critics. Spanning more than 250 years, from the dawn of the Industrial Revolution to the era of artificial intelligence, Cassidy traces the evolution of capitalism while foregrounding the voices and ideas of those who have challenged its assumptions, practices, and outcomes234.
Main Points
Historical Scope and Approach:
Cassidy’s narrative begins with the British East India Company and the early days of industrial capitalism, moving through key historical moments such as the rise of factory automation, colonialism, the formation of labor unions, and the emergence of financial crises. Rather than simply recounting events, Cassidy focuses on how each era’s critics—ranging from Luddites and Marxists to modern degrowth advocates—have shaped and responded to capitalism’s development234.
Diversity of Critics:
The book features both well-known and lesser-known figures. Familiar names like Adam Smith, Karl Marx, Rosa Luxemburg, John Maynard Keynes, and Karl Polanyi are discussed alongside figures such as William Thompson (Irish proto-socialist), Flora Tristan (French labor union advocate), John Hobson (imperialism theorist), J.C. Kumarappa (Indian Gandhian economist), Eric Williams (Trinidadian historian of slavery and capitalism), Joan Robinson (Keynesian critic), and Nicholas Georgescu-Roegen (degrowth theorist)23.
Recurring Themes of Critique:
Cassidy identifies enduring criticisms of capitalism: its tendency toward instability, exploitation, inequality, and periodic crisis. He shows how, despite predictions of collapse, capitalism has repeatedly adapted, often through government intervention that contradicts the ideal of laissez-faire markets. Critics have consistently argued that capitalism is unsustainable without significant regulation or reform14.
Real-World Consequences:
Rather than focusing on abstract models, Cassidy emphasizes the tangible effects of capitalism: the exploitation of labor (including unwaged and domestic work), the role of colonialism and slavery in wealth creation, and the ways in which capitalist systems have been maintained through compulsion and monopoly power. He highlights how these dynamics persist in new forms, such as the digital revolution and the threats posed by artificial intelligence14.
Contemporary Relevance:
The book concludes by connecting historical critiques to present-day challenges, including climate change, rising inequality, and the disruptive potential of AI. Cassidy argues that the pushback against capitalism is not just a relic of the past but a dynamic force shaping the system’s evolution today23.
Comprehensive and Inclusive:
Cassidy’s approach is notable for its breadth, integrating a wide array of global voices and perspectives—many of whom are often overlooked in mainstream economic histories. This inclusivity enriches the narrative and illuminates the global and multifaceted nature of capitalism’s critics23.
Accessible and Engaging:
The book is praised for being dense with information yet free of jargon, making complex economic debates accessible to a broad audience. Cassidy’s biographical sketches and storytelling enliven the material, providing context and personality to economic theory34.
Timely and Relevant:
By linking historical critiques to urgent contemporary issues—like AI, climate change, and inequality—Cassidy demonstrates the ongoing significance of these debates. His synthesis offers readers a framework for understanding current economic anxieties in a historical context23.
Length and Density:
At over 600 pages, the book’s ambition can be daunting. Some readers may find the sheer volume of information overwhelming, and the brisk pace through so many thinkers and movements may limit the depth of analysis for each14.
Potential for Diffusion:
The kaleidoscopic approach, while inclusive, might sacrifice narrative cohesion. With so many figures and movements covered, the central argument can sometimes feel diffuse or episodic rather than tightly unified14.
Critical but Not Prescriptive:
While Cassidy excels at chronicling critiques of capitalism, he is less focused on offering concrete solutions or alternatives. Readers seeking a clear roadmap for reform or revolution may find the book’s conclusions more descriptive than prescriptive14.
Capitalism and Its Critics stands out as a masterful, accessible, and timely synthesis of economic history, told through the lens of dissent. Its greatest strength lies in its inclusivity and relevance, though its ambition can at times lead to a sprawling narrative. Cassidy’s work is essential reading for anyone seeking to understand not only how capitalism has evolved, but also how it has been—and continues to be—challenged by those demanding a more just and sustainable world234.