The Relentless Revolution: A History of Capitalism, by distinguished American historian Joyce Appleby, is a tour de force of broad historical writing. We all imagine we ‘know’ what capitalism is and how it must have arisen out of older ways of societal organization, but of course we know nothing. From the very start of her lively, erudite yet thorough account, Appleby is at pains to demonstrate that nothing in the development of capitalism was smooth or preordained. Beginning with the uneven transition from agrarian systems to trade and mercantilism, and then continuing with the hit-and-miss development of market-based notions in parts of Europe in the 17th century, she convincingly shows that capitalism is not some inevitable outcome based on mathematical certainty but a societal construct, one expressed differently in different societies. ‘Capitalism is not a unified, coordinated system,’ she writes, ‘despite that suggestion in the word “system.” Rather it is a set of practices and institutions that permit billions of people to pursue their economic interests in the marketplace.’
I found especially valuable a chapter on how the United States and Germany outstripped Great Britain over the turn of the 19th century to become capitalism’s exemplars; what fascinates me is how powerful Germany’s advance was, even though its paternalistic, rigid society was nothing like the freewheeling, individualistic American system that we often mistake as capitalism’s natural form. And a 21st century chapter focusing on China reinforces the need to guard against assuming even that capitalism presupposes democracy.
The Relentless Revolution is not just about conceptual correctness. Appleby brilliantly proclaims its sparkling triumphs over the last two centuries. She is an evocative yet precise stylist and I cannot recall a more compelling paean to the virtues of capitalism’s efficiency, vigour and promotion of innovation. Yet she is also clear on the downsides of capitalism; it is not, she illustrates plainly, a moral force. The Relentless Revolution is an ideal book for people like me who believe in the power of capitalism controlled by strong, moral, democratic government.
Scholarly, readable, thought provoking . . . a must. 4 stars.