Product Description

What is capitalism? Is capitalism the same everywhere? Is there an alternative? The word 'capitalism' is one that is heard and used frequently, but what is capitalism really all about, and what does it mean? The book begins by addressing basic issues such as 'what is capital?' before discussing the history and development of capitalism through three detailed and absorbing case studies ranging from the tulipomania of seventeenth-century Holland to the recent Enron crisis in America. Fulcher addresses important present day issues, such as New Labour's relationship with capitalism, the significance of global capitalism, and distinctive national models of capitalism. He also explores whether capital has escaped the nation-state by going global, emphasizing that globalizing processes are not new. He discusses the crisis tendencies of capitalism, such as the Southeast Asian banking crisis, the collapse of the Russian economy, and the 1997- 1998 global financial crisis, and asks whether capitalism is doomed. The book ends by asking whether there is an alternative to capitalism, discussing socialism, communal and cooperative experiments, and the alternatives proposed by environmentalists.

Product Details

• Amazon Sales Rank: #84139 in Books
• Published on: 2004-05-13
• Original language: English
• Number of items: 1
• Binding: Paperback
• 160 pages

About the Author
James Fulcher is Senior lecturer in sociology at the University of Leicester. He is author of Labour Movements, Employers and the State: Conflict and Cooperation in Britain and Sweden, (OUP, 1991), and co-author (with John Scott) of Sociology (OUP, 1999), 'the best of the all-encompassing introductory texts'.

Customer Reviews

Excellent but omits ecological challenges
This was the first book I read in the "Very Short Introduction" series. I was surprised by how substantial it is. It also seems quite balanced. References, suggestions for further reading and a 5 page index are included.

My overall impression is how strong capitalism is world-wide. That supports Fulcher's conclusion that reform must take place within capitalism rather than seeking a replacement for capitalism. However, when Fulcher writes that a "search for an alternative to capitalism is fruitless ... and no final crisis is in sight, or, short of some ecological catastrope, even really conceivable", how improbable is that ecological catastrophe?

As the globe warms and the oceans die, will the rich hold out expecting to be able to use their wealth to make their lives bearable as the rest of us suffer? Just how will capitalism respond to a growing pressure for sustainability? By not exploring the ecological challenges to capitalism, Fulcher has indeed introduced capitalism but not addressed its fate and ours later in this century. Although this is a "very short introduction", Michael Newman's "Socialism: A Very Short Introduction" and Colin Ward's "Anarchism: A Very Short Introduction" do address the ecological issue. Even if socialism and anarchism seem improbable and reform is possible within capitalism, it would have been useful to hear Fulcher's impression of whether and how capitalism might address the challenge of ecological sustainability.

Good, but slightly biased
I just bought this and I have read most of the book. As with all of the "Very Short Introduction..." books, it is a handy and informative little book, compared to the number of pages. That alone justifies the purchase for anyone interested in the subject it covers.

That being said, having read it, I get the feeling that the author is not a fan of capitalism. There are a lot of viewpoints in the book expressed in a distinctly socialist-leaning manner, such as references to "exploitation of workers" and the like.

Also, I'd say that there are deficiencies in the coverage of capitalist theory. While anti-capitalist thinkers such as Karl Marx are mentioned and his criticisms of capitalism are discussed, other important capitalist and free-market-capitalist thinkers such as Adam Smith, David Ricardo and Joseph Schumpeter are NOT mentioned at all!

Also, there are references to the inherent instability and volatility of capitalism, such as the Tulip-mania in Holland in the 1600's, the recurring economic crises in the 1800's and the Great Depression in the 1920's-1930's. The author does not analyse these events in great detail, and leaves the reader with the feeling that these problems are a general property of the capitalist economic system, but had he analysed the phenomena in depth, he would have found out - and mentioned for the readers sake - that these crises and depressions are not a problem of capitalism per se, but usually due to government intervention in the market, usually by means of bad monetary policy.

In any case, I'll award this booklet 4 stars, even though the more critical part of me says I should only give it 3. YMMV.

Good introduction for those without a background in economics
Before you buy this book you should ask yourself just one question: do I have a personal background in economics and/or business studies? If the answer is yes, then this book is probably too pedestrian for you. However, for us laymen, this is an excellent introduction to the dynamics of capitalism and how it works.

The book starts with a look at the history of capitalism, and how Dutch traders successfully managed to create artificial shortages of goods in order to drive up prices, or conversely to flood the markets of rivals. The book explains that capitalism has always existed, but it was only the Dutch who made this gradually become a national phenomena. The book also examines the modern stock market, and how Nick Leeson abused its loopholes. The book also examines how globalisation and international organisations operate in relation to capitalism. Throughout the author manages to remain relatively politically neutral.

This book is an excellent companion to the Short Introduction to Socialism, as it enables a fascinating comparison. I strongly recommend both books.