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The History of Capitalism

The History of Capitalism

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 Capitalism as an economic system has been around in various forms for over a thousand years and according to our featured guest this week, it keeps evolving. Join us for a lively and challenging discussion between Ralph and Harvard history professor, Sven Beckert, as they discuss his book “Capitalism: A Global History.”Sven Beckert is the Laird Bell Professor of History at Harvard University. He has written widely on the economic, social, and political history of capitalism. His book Empire of Cotton won the Bancroft Prize and was a finalist for the Pulitzer Prize. His latest book is Capitalism: A Global History.Capitalism has existed within a whole range of political systems of organizing political power. And this includes authoritarian regimes; this includes fascist regimes; and this includes also liberal democratic regimes such as Great Britain and the United States. And you see this kind of tension emerging today within the United States in which there is a kind of concern, I think, among some capital-owning elites about liberal democracy. They see that as being limiting to some of their business interests.Sven BeckertIn a way, the book tries to not make us to be just powerless cogs in a machine and not powerless cogs in the unfolding of history. But the book very much emphasizes that the particular shape that capitalism has taken at any particular moment in time has a lot to do also with questions of the state. It has a lot to do with questions of political power. It has a lot to do with questions of social contestation. And sometimes capitalism has been reshaped drastically by the actions of people with very little power. And I show that in particular when I look at the end of the slave-based plantation economy in the Americas, which is very much driven by the collective mobilization of some of the poorest and most exploited people on planet Earth—namely the enslaved workers who grow all that sugar and all that cotton or that tobacco in the 16th, 17th, 18th, and 19th centuries.Sven BeckertI think markets and market activities have existed in all human societies. That is not particular to capitalism. And the few efforts in world history in which people have tried to get rid of the market in its entirety have been pretty much economic disasters. So there is a place for the market. There has been a place for the market in all human societies. But in capitalism, the market takes on an importance that it didn’t take on in other forms of economic life… I think it is so important to think about this, because, as I said earlier, capitalism is not natural. It’s not the only form of economic life on planet Earth. Indeed, it’s the opposite. It’s a revolutionary departure from older forms of the organization of economic life.Sven BeckertTrump seems really concerned about impeachment because it’s beyond his control. And he sees if (with inflation) the economy starts going down more, unemployment up, prices up, all these campaign promises bogus, polls going down—he fears impeachment. And I’ve yet to hear him say if he was impeached and removed from office, he wouldn’t leave the White House—while he’s defied all other federal laws, constitutional provisions, and foreign treaties.Ralph NaderNews 1/30/26* Following the murders of U.S. citizens Alex Pretti and Renée Good by ICE agents in Minneapolis – along with the shooting of Julio Sosa-Celis, the abduction of 5-year-old Liam Ramos along with his father, and the arrest of an estimated 3,000 people – the Minnesota AFL-CIO called a General Strike for workers to demand ICE leave the state. This one-day general strike, staged during temperatures of -20°F, drew as many as 100,000 workers into the streets, according to Labor Notes. Participating unions included the SEIU, AFT, and the CWA, along with UNITE HERE Local 17, OPEIU Local 12, IATSE Local 13, and AFSCME Council 5, among many others. Minneapolis has been the site of major labor actions before, perhaps most famously the 1934 General Strike, and it remains a relatively union-dense hub today. It was also the locus of the 2020 George Floyd protests, which many see as a reason why the Trump administration has been so hostile towards the locals.* With the spiraling situation in Minnesota, the Trump administration has finally moved to deescalate somewhat. Per POLITICO, “DHS Secretary Kristi Noem, has…been sidelined,” and border czar Tom Homan has been dispatched to the state to take over operations there. Moreover, the Atlantic reports “Gregory Bovino has been removed from his role as Border Patrol ‘commander at large’ and will return to his former job in El Centro, California, where he is expected to retire soon.” While hardly an adequate response to the crisis, these moves do show that Trump sees how badly his lieutenants have bungled their mission. It remains to be seen whether this will mark the end of the high-lawlessness period of ICE activity or if the agency ...
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