New Books in Economics What's Global about Sven Beckert's Capitalism (Paul Kramer, JP)
Apr 2, 2026
Sven Beckert, Harvard historian of global capitalism, and Paul Kramer, Vanderbilt historian of empire and labor, discuss capitalism’s long global roots. They chart key ruptures, the state’s role in money and markets, the late-19th-century turning point, and how coercion and resistance shape capitalist development.
AI Snips
Chapters
Books
Transcript
Episode notes
Capitalism As A Distinct Global Revolution
- Capitalism is a distinct, revolutionary logic defined by privately owned capital invested to accumulate more capital.
- Sven Beckert traces this logic as novel, global from early moments like 12th-century Aden to modern Shenzhen, showing it reshaped work and trade.
No Single Birthplace Or Date For Capitalism
- Capitalism's origins cannot be pinned to a single birthplace or birthdate but are a long, drawn-out process spanning centuries.
- Beckert begins the story in Aden in the 12th century and emphasizes gradual spread and transformation across regions.
State Alliances Spark Capitalist Expansion
- A pivotal rupture occurs in the late 15th–16th centuries when merchant groups find new allies in the state, empowering capitalist expansion.
- The alliance with state institutions gave merchants force to break elite resistance and spread capitalist relations.
