New Books in Critical Theory

Michael Sonenscher, "Capitalism: The Story Behind the Word" (Princeton UP, 2022)

Jun 30, 2024

Historian Michael Sonenscher discusses the historical origins of capitalism, exploring its connection to war finance and the division of labor. The conversation dives into Rousseau's separation of professions, Adam Smith's division of labor, Marx's views on communism, Hegel's concept of civil society, and critiques of the division of labor within capitalism.

51:14

Episode guests

Michael Sonenscher

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Episode notes

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Quick takeaways

Capitalism's origins intertwine war finance and the division of labor, shaping our modern understanding.

The evolution of capitalism includes funding welfare alongside warfare, influencing political options and reform.

Deep dives

Origin of Capitalism as an Ism Word

The podcast episode delves into the origins of the term 'capitalism' as an ism word, distinct from 'capital' or 'capitalist'. It reveals how the word emerged in late 18th to early 19th century France as a compound term, reflecting concepts beyond mere ownership of capital. Initially associated with war finance, capitalism's evolution from its specific historical connotations to its modern usage is examined.

Intro

2min

The Historical Origins of Capitalism

12min

Analysis of Rousseau's Separation of Professions and Adam Smith's Division of Labor

3min

Marx on Individuality, Equality, and Communism

10min

Hegel's Concept of Civil Society and the Role of Administration

8min

Exploration of von Stein and August Tskarski's Ideas

8min

Critiquing the Division of Labor in Capitalism

6min

What exactly is capitalism? How has the meaning of capitalism changed over time? And what’s at stake in our understanding or misunderstanding of it? In Capitalism: The Story Behind the Word (Princeton UP, 2022), Michael Sonenscher examines the history behind the concept and pieces together the range of subjects bound up with the word. Sonenscher shows that many of our received ideas fail to pick up the work that the idea of capitalism is doing for us, without us even realizing it.

“Capitalism” was first coined in France in the early nineteenth century. It began as a fusion of two distinct sets of ideas. The first involved thinking about public debt and war finance. The second involved thinking about the division of labour. Sonenscher shows that thinking about the first has changed radically over time. Funding welfare has been added to funding warfare, bringing many new questions in its wake. Thinking about the second set of ideas has offered far less room for manoeuvre. The division of labour is still the division of labour and the debates and discussions that it once generated have now been largely forgotten. By exploring what lay behind the earlier distinction before it collapsed and was eroded by the passage of time, Sonenscher shows why the present range of received ideas limits our political options and the types of reform we might wish for.

Michael Sonenscher is a fellow of King's College, University of Cambridge. His books include Sans-Culottes and Before the Deluge (both Princeton UP).

Morteza Hajizadeh is a Ph.D. graduate in English from the University of Auckland in New Zealand. His research interests are Cultural Studies; Critical Theory; Environmental History; Medieval (Intellectual) History; Gothic Studies; 18th and 19th Century British Literature. YouTube channel. Twitter.

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