John Cassidy, a seasoned staff writer at The New Yorker, dives into the complexities of capitalism and its critics. He sheds light on the paradox of capitalism, revealing its role in both alleviating poverty and exacerbating inequality. The conversation spans China's unconventional economic success and Adam Smith's cautious perspective on free markets. Cassidy discusses the effects of income inequality on democracy and draws parallels between historical exploitations like the East India Company and today's monopolistic trends. It's an eye-opening look at the future of our global economy.
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insights INSIGHT
Unprecedented Capitalism Growth
Capitalism has massively increased average annual income in just 250 years after near stability for 97,000 years.
Product variety exploded, showing capitalism's unprecedented productivity and economic change.
insights INSIGHT
Capitalism's Productivity and Problems
Capitalism is simultaneously the most productive system and the source of large inequalities and global issues like pollution.
Criticisms of capitalism often reflect its era but share concerns about exploitation and environmental effects.
insights INSIGHT
Capitalism Reform vs. Degrowth
Post-1980s collapse of communism, capitalism critiques seldom call for abolishment, focusing instead on reform.
Emerging degrowth advocates propose revolutionary shifts to smaller-scale, sustainable economies.
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Capitalism and Its Critics, A History from the Industrial Revolution to AI
Capitalism and Its Critics, A History from the Industrial Revolution to AI
John Cassidy
Dot.con : How America Lost Its Mind and Money in the Internet Era
John Cassidy
In 'Dot.Con,' John Cassidy provides a detailed and authoritative narrative of the Internet boom and bust. The book explores the growth of the Internet from its military roots to its commercialization, and it delves into the speculative frenzy involving entrepreneurs, venture capitalists, bankers, and journalists. Cassidy examines the roles of iconic figures such as Marc Andreessen, Jeff Bezos, Steve Case, and Alan Greenspan, and he places the events within a broader historical context, including technological utopianism and cultural exceptionalism. The book is a panoramic account of human greed and gullibility during this tumultuous period in American history[4][5][1].
The General Theory of Employment, Interest and Money
John Maynard Keynes
Published in February 1936, 'The General Theory of Employment, Interest and Money' by John Maynard Keynes revolutionized economic thought by challenging the classical economic theories of his time. Keynes argued that total spending in an economy can fail to generate full employment if total savings exceed total investment. He introduced key concepts such as the 'Principle of Effective Demand,' liquidity preference, and the marginal efficiency of capital. The book emphasizes the importance of aggregate demand, the role of government in stabilizing the economy, and the interaction between monetary and real economic factors. Keynes's theories have had a profound impact on economic policy and continue to influence macroeconomic thought and policy to this day.
The Wealth of Nations
Adam Smith
Published in 1776, 'The Wealth of Nations' is Adam Smith's magnum opus that laid the groundwork for modern economics. The book critiques mercantilist economic theories and introduces the concept of the 'invisible hand,' which describes how individual self-interest leads to societal benefit. It emphasizes the division of labor, the accumulation of capital, and the importance of free markets. Smith argues that a nation's wealth is not measured by its gold and silver reserves but by the stream of goods and services it produces. The book also outlines the core functions of government, such as maintaining defense, enforcing civil law, and promoting education, while advocating for limited government intervention in market activities.
Progress and poverty
English Land Restoration League
In 'Progress and Poverty', Henry George examines the paradox of why poverty and economic depressions occur alongside technological and economic progress. He argues that the private ownership of land, which increases in value without the owner's effort, is a primary cause of poverty and economic cycles. George proposes a single tax on land values as a remedy, suggesting it would reduce other taxes, encourage productive use of land, and distribute wealth more equitably. The book was highly influential, contributing to the Progressive Era and worldwide social reform movements[1][2][5].
The Communist Manifesto
Friedrich Engels
Karl Marx
Amid rising concerns about AI, inequality, trade wars, and globalization, New Yorker staff writer and Pulitzer Prize finalist John Cassidy takes a bold approach: he tells the story of capitalism through its most influential critics.
From the Luddites and early communists to the Wages for Housework movement and modern degrowth advocates, Cassidy’s global narrative features both iconic thinkers—Smith, Marx, Keynes—and lesser-known voices like Flora Tristan, J.C. Kumarappa, and Samir Amin.
John Cassidy has been a staff writer at The New Yorker since 1995. He writes a regular column, The Financial Page. He holds degrees from Oxford, Columbia, and New York Universities. His new book is Capitalism and Its Critics: A History from the Industrial Revolution to AI.
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