The Cambridge History of "Capitalism"
Journal of Economic Literature
vol. 53,
no. 4, December 2015
(pp. 996-1016)
Abstract
This review essay of the two-volume Cambridge History of Capitalism (2014), edited by Larry Neal and Jeffrey G. Williamson, is divided into three parts. First, I describe three chapters from the second volume that I recommend for all economists to add depth to their understanding of the world economy today. Robert C. Allen analyzes the world distribution of income; Randall Morck and Bernard Yeung discuss the history of business groups; and Peter Lindert surveys private and public programs to help the poor. In each case, they analyze historical backgrounds that illuminate current issues. Second, I criticize the definition of capitalism used in these volumes as too expansive to be useful. I argue that this definition mars the essays in first volume by stimulating a fruitless search for capitalism in the millennium before the Industrial Revolution. Third, I describe the essays in this reference work starting from the most recent and ending with those about antiquity. (JEL N00, P10)Citation
Temin, Peter. 2015. "The Cambridge History of "Capitalism"." Journal of Economic Literature, 53 (4): 996-1016. DOI: 10.1257/jel.53.4.996Additional Materials
JEL Classification
- N00 Economic History: General
- P10 Capitalist Systems: General