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Orthodox economics operates within a hypothesized world of perfect competition in which perfect consumers and firms act to bring about supposedly optimal outcomes. The discrepancies between this model and the reality it claims to address are then attributed to particular imperfections in reality itself. Most heterodox economists seize on this fact and insist that the world is characterized by imperfect competition. But this only ties them to the notion of perfect competition, which remains as their point of departure and base of comparison. There is no imperfection without perfection.
In Capitalism, Anwar Shaikh takes a different approach. He demonstrates that most of the central propositions of economic analysis can be derived without any reference to standard devices such as hyperrationality, optimization, perfect competition, perfect information, representative agents, or so-called rational expectations. This perspective allows him to look afresh at virtually all the elements of economic analysis: the laws of demand and supply, the determination of wage and profit rates, technological change, relative prices, interest rates, bond and equity prices, exchange rates, terms and balance of trade, growth, unemployment, inflation, and long booms culminating in recurrent general crises.
In every case, Shaikh's innovative theory is applied to modern empirical patterns and contrasted with neoclassical, Keynesian, and Post-Keynesian approaches to the same issues. Shaikh's object of analysis is the economics of capitalism, and he explores the subject in this expansive light. This is how the classical economists, as well as Keynes and Kalecki, approached the issue. Anyone interested in capitalism and economics in general can gain a wealth of knowledge from this ground-breaking text.
- Sales Rank: #377597 in eBooks
- Published on: 2016-01-15
- Released on: 2016-01-15
- Format: Kindle eBook
Review
"An excellent lexicon of the long-term genesis, content, and journey of capitalism... provides readers with one-stop shopping -- an excellent repository of everything anyone would desire to know to be more informed about this formidable social institution."
-- Choice
"[Capitalism] is different, it's not political, it's written for economics scholars and explores the fundamental categories on which neoclassical economics is built, that is; 'rational' consumers, U-shaped supply curves, flat demand functions and the fiction of an equilibrium at which marginal-utility equals marginal-cost. The author's scalpel eviscerates every one of these categories from the inside that is from within economic discourse and using empirical economic data. This book will resonate for a long time."
-- Kumar David, Colombo Telegraph
"Anwar Shaikh has always been an independent, free spirit. He has great economic intuition and technical skills. He has absorbed the literature of classical political economy, Marx's writings, modern economic theory, and applied work. He also is well versed in philosophy and in historical writings. His mentors include Smith, Ricardo, Marx, Keynes, Sraffa, Joan Robinson, Kalecki, Goodwin, Godley, Pasinetti and Taylor. All these influences and more come together in Capitalism: Competition, Conflict, Crises, his magnum opus.
In an extraordinary blend of original theory and careful empirical work, we have possibly the most comprehensive structure since Marx's Capital, within which to understand and analyse the many inter-related processes that constitute modern advanced capitalism. His book provides both deep understanding, and a platform on which to erect appropriate policies, with which to tackle the revealed malfunctionings and undesirable social outcomes. It would not be Shaikh's fault if others do not take up the challenge."
-- G. C. Harcourt, Reader in the History of Economic Theory, Emeritus, University of Cambridge and Visiting Professorial Fellow, School of Economics, UNSW Australia
"Anwar Shaikh's magnum opus is one of the most important works of political economy to have come out in a generation. In a time when economics is becoming ever more recondite and otherworldly, Shaikh shows that an economic theory based on real abstractions is not only necessary, but also possible. This is a work of lasting importance, not just for economists, but for anyone interested in how capitalism works."
-- Vivek Chibber, Professor of Sociology, New York University
"An amazing feat. Anwar Shaikh's Capitalism covers exchange, production, costs, competition, money, macro-dynamics, profit, wages and trade, with theory, history and evidence complete. Deeply erudite and beautifully written, it is at once a stunning renovation of classical and Keynesian economics and a relentless demolition of sophistries. A book to savor and to teach; there hasn't one like it for 150 years."
-- James K. Galbraith, author of The End of Normal and of Inequality: What Everyone Needs to Know
"This new book by Anwar Shaikh is a veritable tour de force from a unique economist who skillfully links deep insights from classical economic theory with cutting edge ideas in econophysics and economic complexity to penetratingly deal with issues from microeconomic competition through macroeconomic dynamics and turbulence."
-- J. Barkley Rosser, Jr., Professor of Economics and Kirby L. Cramer, Jr. Professor of Business Administration, James Madison University
About the Author
Anwar Shaikh is Professor of Economics at the Graduate Faculty of Political and Social Science of the New School University and Associate Editor of the Cambridge Journal of Economics. From 2000-2005, he was Senior Scholar and member of the Macro Modeling Team at the Levy Economics Institute of Bard College.
Most helpful customer reviews
24 of 25 people found the following review helpful.
Capitalism is a book of general theory and a devastating challenge to the underlying “vision” of compartmentalized orthodox econ
By Amazon Customer
Anwar Shaikh's long awaited magnum opus, Capitalism: Competition, Conflict, Crises, is finally out. The object of investigation is real advanced capitalism rather than an idealized free market economy. The theoretical scope goes unswervingly beyond the boundaries of the mainstream. Capitalism is a book of general theory and a devastating challenge to the underlying “vision” of compartmentalized orthodox economics based on perfect competition and rational choice. At the same time, it is sensitive to the applicability of the theory at hand; hence, every fundamental argument is tested against empirical evidence. This will be a long-lasting book that should be required reading in every graduate program in economics. No one interested in knowing how really existing capitalism functions can afford not to read it.
E. Ahmet Tonak, Professor of Economics, İstanbul Bilgi University
19 of 20 people found the following review helpful.
This book is a must-have for anyone looking for fresh ...
By Susan Schroeder, University of Sydney
This book is a must-have for anyone looking for fresh view of how to analyze a capitalist market economy. It methodically analyzes not only particular sectors from the perspective of the classical political economists, such as Smith and Ricardo, but it provides a way of integrating the sectoral analyses into a unified whole - something that mainstream economics struggles to do. Moreover, the book provides empirical evidence to support the arguments made. This book, in my opinion, is the next "General Theory". Mainstream economists will need to confront this book if their apologetic agenda is to remain in place. If you are interested in policy recommendations that are grounded in this style of analysis, please see Public Credit Rating Agencies: Increasing Capital Investment and Lending Stability in Volatile Markets
Susan K. Schroeder, Department of Political Economy, University of Sydney Australia
12 of 12 people found the following review helpful.
Masterful blend of theory, history, and statistical evidence
By Hans G. Despain
Shaikh’s book Capitalism is an extraordinary accomplishment, demonstrating a lifetime of thought and engagement with economic theory. The book will quickly become an important reference for economists.
A friend suggested that Capitalism might very well become the next economic book, following Thomas Piketty’s Capital, to become a best-seller sensation from an academic press. I doubt it. Shaikh’s book is too esoterically based on economic theory to hit the same cord that Piketty’s policy driven book hit with a general audience. Of course this is not a criticism of Shaikh but an observation of the content.
The structure of the book is framed around neo-classical/neo-post-Keynesian economic theory. Shaikh masterfully develops penetrating critiques of economic theory. In the end it can be argued that Shaikh has sketched an alternative position to the problems and dilemmas in economic theory.
If the framing of the argument is a critique of neo-classical/neo-post-Keynesian theoretical positions, the alternative theoretical sketch promiscuously draws from a variety of theoretical insights, but is rooted unambiguously and unapologetically in the Classical tradition of Steuart, Smith, Ricardo, and Marx. Shaikh calls the basic structural historical tendencies of capitalism “turbulent regulation.” These are the ‘law-like’ tendencies and historical recurrences of the system. Thus, Shaikh is able to develop turbulent regulatory theories of profits, wages, prices, interest rates, income distribution, growth, technological change, employment patterns, crisis, etc.
Although, many economists will take issue with much of Shaikh’s argument, the enduring contribution will surely be his well-argued and historical evidence of the structural tendencies or “turbulent regulation” of capitalism as a system.
His notion of “real competition” (in distinction of perfect and imperfect competition) is also a quite important return to the Classical tradition in the context of current theoretical insights. Real competition is a rather subtle theoretical amendment from the notion of imperfect competition, with massive implications for the macro-dynamic regulation of the capitalist system.
In chapter 13 Shaikh develops a theory of macro dynamics based on the methodological and theoretical insights of Classical political economy. This Classical macro dynamic functions as a type of micro-foundation for neo-Marxian/post-Keynesian theories of unemployment, wages, income distribution, money, interest rates, and crisis tendencies of capitalism.
Shaikh develops a general theory of crisis. Nonetheless, Shaikh insists that “growth” is the normal state of capitalism. He defends a theory of “long-waves.” I am not convinced by this, and would like to give the book a second reading to evaluate his provocative insights on these issues. Many political economists believe that the stagnation tendencies of capitalism are thick, and without financialization shenanigans the stagnation tendencies of developed capitalism would be far more empirically clear. Nevertheless, I very much appreciate Shaikh’s insights on growth, crisis, and long-waves.
Three glaring weaknesses of the book are: (1) Shaikh fails to sufficiently explain the role of state in a crisis-ridden system of capitalism. In this sense, there is a tendency in this book toward being overly economistic, i.e. the turbulent structural regulation is overly deterministic. The state and other institutional forms (e.g. central bank, oligopolies, industrial centralization, etc.) can adjust the “gravitational pull” (Shaikh’s terminology) of historical development, income distribution, and prices adjustments. Thus, far more attention needs to be given to policy and institutional change. Likewise, (2) Shaikh fails to develop the cultural implications, including modes of advertizing, social communication, relationships (marriage, child-care, etc.), cultural conflict, the relationship between economic power and political influence, etc. Finally, (3) the axiological implications of Shaikh’s position are massive; yet he does not adequately address issues of social justice, ethics, and other normative issues which were central to the Classical political economists. We can appreciate that these issues may take Shaikh too far a field from his central interest, after all the book is almost 800 pages of text, and over 1000 pages with appendices and index. It is a reasonable to argue that Shaikh has provided the turbulent regulatory theoretical framework to understand capitalism, and other theorists can develop the political, cultural, and philosophical implications, on the basis of Shaikh’s work. Nonetheless, the absence of additional appendices on imporant political, cultural, and philosophical implications is a weakness. The “turbulent regulation” of capitalism is radically intertwined and integrated with the political, cultural, and philosophical. Capitalist principles come to have a dominance as a turbulent regulatory mechanism inside the economy and also beyound the economic in other spheres of social being.
In spite of its weaknesses, Shaikh's book is an impressive accomplishment and a massive masterful contribution to both economic theory and our understanding of capitalism and it's contradictory development.
Although Shaikh’s book won’t sell as well as Piketty’s political and policy driven book, Shaikh’s book is a far more accomplished theoretical achievement and deserves a wide audience and serious consideration.
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