The rise of capitalism to global dominance is still largely associated – by both laypeople and Marxist historians – with the industrial capitalism that made its decisive breakthrough in 18th century Britain. Jairus Banaji’s new work reaches back centuries and traverses vast distances to argue that this leap was preceded by a long era of distinct “commercial capitalism”, which reorganised labor and production on a world scale to a degree hitherto rarely appreciated. Rather than a picture centred solely on Europe, we enter a diverse and vibrant world. Banaji reveals the cantons of Muslim merchants trading in Guangzhou since the eighth century, the 3,000 European traders recorded in Alexandria in 1216, the Genoese, Venetians and Spanish Jews battling for commercial dominance of Constantinople and later Istanbul. We are left with a rich and global portrait of a world constantly in motion, tied together and increasingly dominated by a pre-industrial capitalism. The rise of Europe to world domination, in this view, has nothing to do with any unique genius, but rather a distinct fusion of commercial capitalism with state power.

What Does Capitalism Mean? The Emergence of a Controversial Concept -- Three Classics : Marx, Weber, and Schumpeter -- Other Voices and a Working Definition -- Merchant Capitalism. China and Arabia -- Europe : Dynamic Latecomer -- Interim Findings around 1500 -- Expansion. Business and Violence : Colonialism and World Trade -- Joint-Stock Company and Finance Capitalism -- Plantation Economy and Slavery -- Agrarian Capitalism, Mining, and Proto-Industrialization -- Capitalism, Culture, and Enlightenment : Adam Smith in Context -- The Capitalist Era. The Contours of Industrialization and Globalization since 1800 -- From Ownership to Managerial Capitalism -- Financialization -- Work in Capitalism -- Market and State -- Analysis and Critique.

Winner of the 2011 Isaac and Tamara Deutscher Memorial Prize. The essays collected here straddle four decades of work in both historiography and Marxist theory, combining source-based historical work in a wide range of languages with sophisticated discussion of Marx's categories. Key themes include the distinctions that are crucial to restoring complexity to the Marxist notion of a 'mode of production'; the emergence of medieval relations of production; the origins of capitalism; the dichotomy between free and unfree labour; and essays in agrarian history that range widely from Byzantine Egypt to 19th-century colonialism. The essays demonstrate the importance of reintegrating theory with history and of bringing history back into historical materialism. An introductory chapter ties the collection together and shows how historical materialists can develop an alternative to Marx's 'Asiatic mode of production'.

Later generations have sometimes found such actions perplexing, often dismissing them as evidence that business people of the late medieval and early modern worlds did not fully understand market rules.

"William H. Sewell, Jr. turns to the experience of commercial capitalism to show how the commodity form abstracted social relations. The increased independence, flexibility, and anonymity of market relations made equality between citizens not only conceivable but attractive. Commercial capitalism thus found its way into the interstices of this otherwise rigidly hierarchical society, coloring social relations and paving the way for the establishment of civic equality"--

A leading economic historian traces the evolution of American capitalism from the colonial era to the present—and argues that we’ve reached a turning point that will define the era ahead. “A monumental achievement, sure to become a classic.”—Zachary D. Carter, author of The Price of Peace In this ambitious single-volume history of the United States, economic historian Jonathan Levy reveals how capitalism in America has evolved through four distinct ages and how the country’s economic evolution is inseparable from the nature of American life itself. The Age of Commerce spans the colonial era through the outbreak of the Civil War, and the Age of Capital traces the lasting impact of the industrial revolution. The volatility of the Age of Capital ultimately led to the Great Depression, which sparked the Age of Control, during which the government took on a more active role in the economy, and finally, in the Age of Chaos, deregulation and the growth of the finance industry created a booming economy for some but also striking inequalities and a lack of oversight that led directly to the crash of 2008. In Ages of American Capitalism, Levy proves that capitalism in the United States has never been just one thing. Instead, it has morphed through the country’s history—and it’s likely changing again right now. “A stunning accomplishment . . . an indispensable guide to understanding American history—and what’s happening in today’s economy.”—Christian Science Monitor “The best one-volume history of American capitalism.”—Sven Beckert, author of Empire of Cotton

In this Very Short Introduction James Fulcher considers what capitalism is, the forms it can take around the world, and its history of crises and long-term development. In this new edition he discusses the fundamental impact of the global financial crises of 2007-8 and what it has meant for capitalism worldwide.