New Books in Economic and Business History What's Global about Sven Beckert's Capitalism (Paul Kramer, JP)
Apr 2, 2026
Paul Kramer, Vanderbilt historian of U.S. imperial history, and Sven Beckert, Harvard historian of global capitalism and cotton, discuss capitalism’s global origins. They trace long historical roots, the central role of states and money, and how coercion and violence have shaped markets. They focus on the late 19th-century turning point and why a global lens reshapes our view of capitalism.
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Capitalism Is A Radical Global Revolution
- Capitalism is a distinct, revolutionary logic centered on privately owned capital invested for profit to accumulate more capital.
- Sven Beckert traces this logic as a radical departure that slowly spread globally from early merchant enclaves to nearly worldwide dominance.
No Single Birthplace For Capitalism
- Capitalism didn't have a single birthplace or birthdate but emerged over centuries as a process across many regions.
- Beckert begins his narrative in 12th-century Aden and follows diffusion to show gradual global expansion rather than a single origin.
Institutional Jolts Recast Capitalism
- Capitalist institutions sometimes change suddenly, creating durable new forms; the late 19th century is one such major jolt.
- Beckert argues alliances between merchants and states around 15th–16th centuries amplified capitalist expansion into new spheres.
