Capitalism

Geoffrey Ingham is Reader in Political Economy and Sociology at the University of Cambridge.

"The most informative interpretation of the current crisis I have yet encountered."LSE Politics Blog"A must-read for both sociologists and economists - indeed for anyone wanting to deepen their understanding of the systemic nature of today's global financial crisis."openDemocracy"One of the best introductions to the economics of capitalism I've read in a long time. Well argued, researched and referenced throughout, it is often a sheer pleasure to read."Morning Star"A highly accessible and enjoyable introductory text to the all-pervasive economic system in the modern era."Political Studies Review"A good introduction to the basic structure of the capitalist model."Tribune"An impressively broad, but also theoretically detailed and empirically well-illustrated, exploration of how capitalism works and develops today. By reading Ingham's comprehensive book, our students will surely become more knowledgeable and probably also better sociologists."Acta Sociologica"Not just an excellent summary of key themes and literatures on capitalism, but also a highly instructive first approach to the contemporary issue of all issues, the global financial crisis."Wolfgang Streeck, Socio-economic Review"In this meticulous and superbly crafted book Geoff Ingham dissects the nature of capitalism as a complex economic order in which money plays a central role. In developing his rich account he draws upon a remarkable range of theorists and examples which will make the book essential reading to students not only of sociology but throughout the social sciences."Mike Savage, University of Manchester"As an economic system, capitalism forms the basis for western society and for sociological understandings of society. Here, Ingham provides a useful summary of the key institutional elements of a capitalist economy, and an insightful discussion of the key theorists of capitalism. Many will appreciate his ability to cover so much material so ably."Bruce Carruthers, Northwestern University

• Introduction 1Part I Classical theories of capitalism 51 Smith, Marx and Weber 72 Schumpeter and Keynes 363 The basic elements of capitalism 52Part II The institutions 634 Money 655 Market exchange 926 The enterprise 1197 Capital and financial markets 1478 The state 1759 Conclusions 204Postscript: the financial crisis and its aftermath 227Notes 265References 290Index 304