John Cassidy, a staff writer at The New Yorker and author of 'Capitalism and Its Critics,' dives into the multifaceted critiques of capitalism throughout history. He highlights the evolution of criticism from economic figures like Adam Smith and Karl Marx, and shines a light on often-overlooked female critics like Joan Robinson and Rosa Luxemburg. Cassidy explores the complex relationship between capitalism and technology, critiques from the right, and the urgent need for a re-evaluation of capitalism's future amidst modern socio-political challenges.
32:12
forum Ask episode
web_stories AI Snips
view_agenda Chapters
menu_book Books
auto_awesome Transcript
info_circle Episode notes
insights INSIGHT
Early Critiques of Capitalism
Capitalism's criticism began even before the Industrial Revolution with mercantile capitalism's exploitation and monopolistic practices.
Adam Smith, often hailed as capitalism's father, was also an early critic of corporate monopolies and colonial capitalism.
insights INSIGHT
Capitalism's Dual Nature
Capitalism's productivity is undeniable but comes with recurring failures like inequality and exploitation.
Technological advances fuel growth yet cause short-term job displacements, a persistent tension in capitalism.
insights INSIGHT
People-Centric History of Criticism
Narratives about capitalism's critics are best understood through personal stories of economists and activists.
This people-centric approach offers a rich, accessible understanding beyond abstract statistics or dry economics.
Get the Snipd Podcast app to discover more snips from this episode
John Cassidy's sweeping narrative examines capitalism's evolution through the lens of its detractors, spanning from 19th-century Luddites to contemporary degrowth advocates. The book highlights both famous critics like Marx and Keynes, and lesser-known figures such as Trinidadian economist Eric Williams and Indian Gandhian economist J.C. Kumarappa, while addressing modern concerns about AI, inequality, and climate change.
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.
Capital
Karl Marx
Das Kapital is a comprehensive critique of capitalism written by Karl Marx. The work is divided into three volumes. Volume I, published in 1867, focuses on the production process of capital, introducing the concept of surplus value and the exploitation of labor. Volume II, published posthumously in 1885, examines the circulation of capital, while Volume III, published in 1894, discusses the capitalist process as a whole, including the internal differentiation of the capitalist class and the tendency of the rate of profit to fall. Marx argues that capitalism is characterized by the exploitation of labor, leading to class conflict and eventual crises that necessitate the emergence of a new mode of production[1][4][5].
John Cassidy, staff writer at The New Yorker and author of Capitalism and Its Critics, joins Nathan J. Robinson to explore the history of capitalism. Cassidy examines why capitalism has been criticized from its inception, the diverse range of critiques it has faced, and how these criticisms have evolved over time.
Through profiles of both iconic figures and overlooked thinkers, Cassidy unpacks the multifaceted critiques of capitalism, from its inherent exploitation and inequality to its destructive environmental impact. He also highlights the often-dismissed contributions of female critics and explores right-wing condemnations of capitalism, providing a thorough and nuanced exploration of the ideological battle over capitalism's role in the modern world.
0:00-7:15 Why Criticize Capitalism?
7:15-9:58 The Different Flavors of Capitalism
9:58-12:51 A Narrative-Driven History of Capitalism
Current Affairs 
