The story of capitalism, as told by its critics

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In 'The Theory of the Leisure Class', Thorstein Veblen presents a critical analysis of the social and economic behaviors of the upper class, arguing that economic life is driven by social vestiges from pre-historic times rather than by notions of utility. Veblen introduces concepts such as 'conspicuous consumption', 'pecuniary superiority', and 'vicarious leisure', highlighting how the leisure class demonstrates its economic superiority through non-productive activities and the display of wealth. The book challenges contemporary economic theories by emphasizing the role of social and cultural factors in shaping economic behaviors and critiques the wasteful and exploitative nature of the leisure class's activities.

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.