Markets, State Rules, and Coercion

John is joined by the brilliant and affable Paul Kramer of Vanderbilt (The Blood of Government) to discuss Capitalism: A Global History (Penguin, 2025) by Sven Beckert, Laird Bell Professor of History at Harvard University. With Christine A. Desan (Recall This Book adores her) he is the co-director of the Program on the Study of Capitalism at Harvard University. This builds on his marvelous previous work about the global cotton trade.

John wants to know about the importance of the state as money-maker and underpinner of markets. Paul asks about the key historical ruptures; the conversation goes back a millennium to traders in Aden and in China. Together Paul and Sven speculate on the role violence plays inside the “free” market that capitalist exchange established and now somewhat remarkably sustains. The singular turning-point of the late 19th century (which Sven decided to present in three interwoven chapters) comes in for sustained attention.

Mentioned in the Episode

• Christine Desan, Making Money: Coin, Currency, and the Coming of Capitalism (2014)
• Ursula Le Guin “We live in capitalism, its power seems inescapable — but then, so did the divine right of kings.” (National Book Foundation Medal speech 2014)
• Ferdinand Braudel Afterthoughts on Material Civilization and Capitalism (1979)
• Eric Williams, Capitalism and Slavery (1944)
• Listen and Read here.

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