Capitalism: The Story behind the Word

Michael Sonenscher's book "Capitalism" explores the history of the concept and how it has changed over time, showing how our understanding of it limits our political options and the types of reform we might wish for.

Format: Hardback
Length: 248 pages
Publication date: 15 November 2022
Publisher: Princeton University Press

How the history of a word sheds new light on capitalism and modern politics

What exactly is capitalism? How has the meaning of capitalism changed over time? And what is at stake in our understanding or misunderstanding of it? In his book, Capitalism, Michael Sonenscher delves into the history behind the concept and uncovers the diverse range of subjects intertwined with the word. Sonenscher reveals that many of our prevailing ideas fail to recognize the significant contributions that capitalism makes to our lives, often without us even being aware of it.

"Capitalism" was first coined in France in the early nineteenth century. It emerged as a fusion of two distinct sets of ideas. The first set concerned public debt and war finance. The second set revolved around the division of labor. Sonenscher demonstrates that our understanding of the first set of ideas has undergone a radical transformation over time. The focus on funding welfare has expanded to include warfare, raising a host of new questions. In contrast, the second set of ideas has provided much less room for maneuvering. The division of labor remains unchanged, and the debates and discussions that once characterized it have largely faded into obscurity. By examining the earlier distinction before it collapsed and was eroded by the passage of time, Sonenscher sheds light on why the current range of received ideas limits our political options and the types of reforms we may desire.

Dimension: 178 x 111 (mm)
ISBN-13: 9780691237206