What Capitalism Needs
Forgotten Lessons of Great Economists

There is no inevitable logic of capitalism. Capitalism's stability depends on how well nation-states manage it and on social cohesion.

John L. Campbell (Author), John A. Hall (Author)

9781108487825, Cambridge University Press

Hardback, published 2 September 2021

1 pages
22.2 x 14.6 x 2.2 cm, 0.51 kg

'Campbell and Hall have both published widely on a range of topics, and are major scholars in their fields. Their co-authored book is ambitious and original. As sociologists, they want to remind economists and policymakers that capitalism is and has always been embedded in a political and societal context … The overview given by the authors is concise, clear, knowledgeable, and helpful.' Peer Vries, International Review of Social History

From unemployment to Brexit to climate change, capitalism is in trouble and ill-prepared to cope with the challenges of the coming decades. How did we get here? While contemporary economists and policymakers tend to ignore the political and social dimensions of capitalism, some of the great economists of the past - Adam Smith, Friedrich List, John Maynard Keynes, Joseph Schumpeter, Karl Polanyi and Albert Hirschman - did not make the same mistake. Leveraging their insights, sociologists John L. Campbell and John A. Hall trace the historical development of capitalism as a social, political, and economic system throughout the twentieth and early twenty-first centuries. They draw comparisons across eras and around the globe to show that there is no inevitable logic of capitalism. Rather, capitalism's performance depends on the strength of nation-states, the social cohesion of capitalist societies, and the stability of the international system - three things that are in short supply today.

1. Sociology from economics
2. Phoenix from the ashes
3. Storm clouds
4. Nationalism and social cohesion
5. State failure
6. What next?

Subject Areas: International business [KJK], Economic history [KCZ], Political economy [KCP], Economic theory & philosophy [KCA], Economics [KC], International relations [JPS], Social theory [JHBA], Sociology [JHB]