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Capitalism by Sven Beckert review – an extraordinary history of the economic system that controls our lives

The Harvard professor provides a ceaseless flow of startling details in this exhaustively researched, 1000-year account In the early 17th century, the Peruvian city of Potosí billed itself as the “treasure of the world” and “envy of kings”. Sprouting at the foot of the Cerro Rico, South America’s most populous settlement produced 60% of the world’s silver, which not only enabled Spain to wage its wars and service its debts, but also accelerated the economic development of India and China. The city’s wealthy elites could enjoy crystal from Venice and diamonds from Ceylon while one in four of its mostly indigenous miners perished. Cerro Rico became known as “the mountain that eats men”.The story of Potosí, in what is now southern Bolivia, contains the core elements of Sven Beckert’s mammoth history of capitalism: extravagant wealth, immense suffering, complex international networks, a world transformed. The Eurocentric version of capitalism’s history holds that it grew out of democrac...


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