Rival Capitalists

Great Britain, France, Germany, and Japan. Surveying the development of the steel, automobile, and semiconductor industries in each of these countries, Jeffrey A. Hart illuminates the role of national policy in a changing world. Hart describes the global structure of production and consumption in the five major capitalist countries and offers a rich comparative history of their industrial policymaking. He concludes that variations in statesocietal arrangements—and the impact these differences have on the creation and diffusion of new technologies—provide the best explanation for divergences in international competitiveness. In Japan, state and business are allied, but labor is marginalized, whereas in Germany, labor and business are allied, and the state is decentralized. Yet both countries have become increasingly competitive because they have developed institutional mechanisms for technology diffusion. France's state-led system, in contrast, is linked with only moderate competitiveness. The decline of competitiveness in the United States and Britain, Hart concludes, may be attributed to state-societal arrangements that have allowed one actor-labor in Britain, business in the United States-to dominate policymaking. Rival Capitalists will be an invaluable source for policymakers and business analysts as well as scholars and students of political economy, international relations, industrial organization, industrial sociology, and comparative politics.

Here, Lachmann offers a new explanation for the origins of nation-states and capitalist markets in early modern Europe. Comparing regions and cities within and across England, France, Italy, Spain, and the Netherlands from the 12th through 18th centuries, he shows how conflict among feudal elites---landlords, clerics, kings, and officeholders---transformed the bases of their control over land and labor, forcing the winners of feudal conflicts to become capitalists in spite of themselves as they took defensive actions to protect their privileges from rivals in the aftermath of the Reformation.

Despite competing with much larger imperialist neighbors in Southeast Asia, the Kingdom of Thailand—or Siam, as it was formerly known—has succeeded in transforming itself into a rival modern nation-state over the last two centuries. Recent historiography has placed progress—or lack thereof—toward Western-style liberal democracy at the center of Thailand’s narrative, but that view underestimates the importance of the colonial context. In particular, a long-standing relationship with China and the existence of a large and important Chinese diaspora within Thailand have shaped development at every stage. As the emerging nation struggled against colonial forces in Southeast Asia, ethnic Chinese entrepreneurs were neither a colonial force against whom Thainess was identified, nor had they been able to fully assimilate into Thai society. Wasana Wongsurawat demonstrates that the Kingdom of Thailand’s transformation into a modern nation-state required the creation of a national identity that justified not only the hegemonic rule of monarchy but also the involvement of the ethnic Chinese entrepreneurial class upon whom it depended. Her revisionist view traces the evolution of this codependent relationship through the twentieth century, as Thailand struggled against colonial forces in Southeast Asia, found itself an ally of Japan in World War II, and reconsidered its relationship with China in the postwar era.

An Economist Book of the Year A Financial Times Book of the Year A Foreign Affairs Best Book of the Year A Prospect Best Book of the Year A ProMarket Book of the Year An Omidyar Network “8 Storytellers Informing How We’ve been Reimagining Capitalism” Selection “Brilliant...Poses all the important questions about our future.” —Gordon Brown “A scholar of inequality warns that while capitalism may have seen off rival economic systems, the survival of liberal democracies is anything but assured.” —The Economist We are all capitalists now. For the first time in human history, the world is dominated by one economic system. At some level capitalism has triumphed because it works: it delivers prosperity and gratifies our desire for autonomy. But this comes at a moral price, pushing us to treat material success as the ultimate goal, and offers no guarantee of stability. While Western liberal capitalism creaks under the strains of inequality and excess, some are flaunting the virtues of political capitalism, exemplified by China, which may be more efficient, but is also vulnerable to corruption and social unrest. One of the outstanding economists of his generation, Branko Milanovic mines the data to tell his ambitious and compelling story. Capitalism gets a lot wrong, he argues, but also much right—and it isn’t going away anytime soon. Our task is to improve it in the hopes that a more equitable capitalism can take hold. “Erudite, illuminating...Engaging to read...As a virtuoso economist, Milanovic is superb when he is compiling and assessing data.” —Robert Kuttner, New York Review of Books “Leaves little doubt that the social contract no longer holds. Whether you live in Beijing or New York, the time for renegotiation is approaching.” —Edward Luce, Financial Times

Since the mid-twentieth century Albert O. Hirschman has been known for his innovative, lucid, and brilliantly argued contributions to economics, the history of ideas, and the social sciences. Two central and already widely admired essays in this collection explore new territory. The title essay distinguishes among four very different conceptions of the characteristics and dynamics of capitalist societies. A related plea for embracing complexity is made in "Against Parsimony," a wide-ranging critique of traditional economic models. In other writings Hirschman revisits his own views on economic development, the concept of interest, and the roles of "exit" and "voice" in economic and social systems. This volume reaffirms the powerful originality and enduring value of Hirschman's work.

This comparative study of industrial capitalism is an examination of state-economy relations in mixed economies ranging from the interventionist German and Japanese to the less interventionist Anglo-American. Following the postwar consensus that resulted in the 'golden age' (1950-1973) and ended with the energy crisis, the Anglo-American economies adopted neoliberalism while Germany and Japan remained interventionist. This resulted in the emergence of national types of capitalism. While analyzing the increased competition between them, R.C.Mascarenhas also notes the influence of globalization as well as 'alternative capitalism' with the survival and re-emergence of industrial districts.

Honorable Mention, 2019 Saul Viener Book Prize, given by the American Jewish Historical Society A vivid history of the American Jewish merchants who concentrated in the nation’s most important economic sector In the nineteenth century, Jewish merchants created a thriving niche economy in the United States’ most important industry—cotton—positioning themselves at the forefront of expansion during the Reconstruction Era. Jewish success in the cotton industry was transformative for both Jewish communities and their development, and for the broader economic restructuring of the South. Cotton Capitalists analyzes this niche economy and reveals its origins. Michael R. Cohen argues that Jewish merchants’ status as a minority fueled their success by fostering ethnic networks of trust. Trust in the nineteenth century was the cornerstone of economic transactions, and this trust was largely fostered by ethnicity. Much as money flowed along ethnic lines between Anglo-American banks, Jewish merchants in the Gulf South used their own ethnic ties with other Jewish-owned firms in New York, as well as Jewish investors across the globe, to capitalize their businesses. They relied on these family connections to direct Northern credit and goods to the war-torn South, avoiding the constraints of the anti-Jewish prejudices which had previously denied them access to credit, allowing them to survive economic downturns. These American Jewish merchants reveal that ethnicity matters in the development of global capitalism. Ethnic minorities are and have frequently been at the forefront of entrepreneurship, finding innovative ways to expand narrow sectors of the economy. While this was certainly the case for Jews, it has also been true for other immigrant groups more broadly. The story of Jews in the American cotton trade is far more than the story of American Jewish success and integration—it is the story of the role of ethnicity in the development of global capitalism.