Capitalism
Key Concepts
1. Edition September 2008
200 Pages, Hardcover
Wiley & Sons Ltd
Global financial markets are in turmoil. In the wake of the US subprime mortgage defaults, some of the largest and oldest financial institutions on Wall Street have found themselves on the verge of collapse, and both the American and British governments have intervened to try to stabilize the financial sector. Why are financial institutions so important for capitalism, and why are so many of these institutions in trouble today?
This book provides a basic introduction to the 'nuts and bolts' of capitalism for the beginner. It examines the classic accounts of capitalism found in the works of Adam Smith, Keynes and others and analyses the key institutions of modern capitalism. Ingham shows that monetary and financial institutions have always been central to the development of capitalism, that global financial markets have expanded on a far greater scale than ever before and that, as has been seen in the past, unleashed money-capital possesses immense self-destructive power. A must-read for anyone who wants to understand global capitalism today.
PART I CLASSICAL THEORIES OF CAPITALISM.
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1. Smith, Marx, and Weber.
2. Schumpeter and Keynes.
3. The elemental structure of capitalism.
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PART II THE INSTITUTIONS.
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4. Money.
5. Market exchange.
6. The enterprise.
7. Capital and financial markets.
8. The state.
9. Conclusions
LSE Politics Blog
"A must-read for both sociologists and economists - indeed for anyone wanting to deepen their understanding of the systemic nature of today's global financial crisis."
openDemocracy
"One of the best introductions to the economics of capitalism I've read in a long time. Well argued, researched and referenced throughout, it is often a sheer pleasure to read."
Morning Star
"A highly accessible and enjoyable introductory text to the all-pervasive economic system in the modern era."
Political Studies Review
"A good introduction to the basic structure of the capitalist model."
Tribune
"An impressively broad, but also theoretically detailed and empirically well-illustrated, exploration of how capitalism works and develops today. By reading Ingham's comprehensive book, our students will surely become more knowledgeable and probably also better sociologists."
Acta Sociologica
"Not just an excellent summary of key themes and literatures on capitalism, but also a highly instructive first approach to the contemporary issue of all issues, the global financial crisis."
Wolfgang Streeck, Socio-economic Review
"In this meticulous and superbly crafted book Geoff Ingham dissects the nature of capitalism as a complex economic order in which money plays a central role. In developing his rich account he draws upon a remarkable range of theorists and examples which will make the book essential reading to students not only of sociology but throughout the social sciences."
Mike Savage, University of Manchester
"As an economic system, capitalism forms the basis for western society and for sociological understandings of society. Here, Ingham provides a useful summary of the key institutional elements of a capitalist economy, and an insightful discussion of the key theorists of capitalism. Many will appreciate his ability to cover so much material so ably."
Bruce Carruthers, Northwestern University
