A 250-Year Retrospective: The Enduring Critiques of Capitalism

It is notable that despite Americans’ usual optimism about economic abundance, a president took office during a booming economy only to reduce the federal workforce, initiate a turbulent trade war, and seemingly embrace the prospect of scarcity. When questioned about possible shortages, President Trump repeatedly cited an unusual example, suggesting that an 11-year-old girl does not need 30 dolls but only three or four, adding similarly that 250 pencils are unnecessary compared to five.

Trump features briefly in John Cassidy’s latest work, “Capitalism and Its Critics,” primarily for his ability to flaunt his wealth while tapping into the widespread dissatisfaction with the global capitalist framework. Among the critics Cassidy profiles, some advocate for the complete replacement of capitalism, while others, like Trump, aim to maintain its self-interested core but overhaul its regulations. Rejecting the prevailing financial order based on free trade and the dominant U.S. dollar, the president has promoted a mix of tariffs and cryptocurrencies — a blend of old and new economic tools.

Capitalism has continually evolved: 18th-century merchant capitalism gave way to industrial capitalism, and Keynesian economics was later supplanted by neoliberalism after World War II. Cassidy, a seasoned journalist, initially planned a concise history starting with the Soviet Union’s fall but soon realized that a thorough understanding of capitalism’s discontents required a deeper historical scope, extending roughly 250 years back and spanning over 600 pages.

Despite the diverse backgrounds of the figures discussed, they share common criticisms. As Cassidy notes, the enduring indictment of capitalism has been that it is impersonal, exploitative, unjust, volatile, and harmful, yet simultaneously dominant and pervasive.

Beginning with the Industrial Revolution and concluding with reflections on the potential economic disruptions caused by artificial intelligence, Cassidy’s book offers 28 concise chapters focusing on both well-known and lesser-known thinkers. The work presents a broad history of capitalism that emphasizes its frequent failures over abstract economic models. Cassidy highlights that capitalism is perpetually in some state of crisis, recovery, or impending turmoil. For instance, the financial panic of 1857 in Wall Street convinced Marx and Engels that a collapse was imminent, with Marx calling the American crisis “BEAUTIFUL” and Engels describing the crash as “superb.”