Jacobin Radio Confronting Capitalism: The Origins of Capitalism
21 snips
Sep 24, 2025 
Vivek Chibber, a sociology professor at NYU and editor of Catalyst, dives into the origins of capitalism and critiques the colonial plunder narrative often blamed for its rise. He argues that money alone doesn't create capitalism; it requires social structures that enable profit-driven investment. Chibber contrasts Spain and Portugal's wealth with England's capitalist development, emphasizing the role of dispossession in transforming societies. He also debates the myth that Protestantism triggered capitalism, highlighting the significance of ongoing structural changes instead.
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Money Isn't Sufficient For Capitalism
- Marx rejects Adam Smith's savings theory and argues money alone doesn't create capitalism.
- Capital requires a prior change in social and class structures to make money function as capital.
Plunder Did Not Trigger Capitalism
- Spain and Portugal received vast colonial treasure yet stagnated economically for centuries.
- England, with little empire, industrialized first, disproving plunder-as-cause arguments.
Feudal Incentives Block Capitalist Investment
- Feudal class incentives directed wealth toward coercion and subsistence, not profit-maximizing investment.
- Therefore windfalls in feudal contexts supported military power, not capitalist transformation.
