Why am I passionate about this?
I have long found it mysterious how we can live in what is truly one interconnected global order. Traders, merchants, deal-makers have long been viewed with suspicion. I wrote Compass of Society to explore how one country, France, with its tradition of land-based elites, could contemplate remaking itself as a “commercial society.” Adam Smith said that even in his time, everyone “becomes in some measure a merchant, and the society itself... a commercial society.” Revisionists are finding high levels of commercialization even in premodern China and India. In this list, I picked five of my favorite books that reshaped our understanding of where European “capitalism” came from.
Henry's book list on understanding where “capitalism” came from
Why did Henry love this book?
By the sixteenth century, the desire for exchange had only grown, but the money available for it had not kept pace. In this classic study, the English historian Craig Muldrew uses sources such as probate inventories and borough courts to show how resourceful people at all income and wealth levels were at pursuing their deals—for labor, services, or goods of all kinds. People, it turns out, coped largely with a lick and a promise. Debt, sometimes formal but often based on oral reckoning, was far more central to daily transactions than we might imagine. And even the humblest people could use the court system resourcefully to advance their interests.
1 author picked The Economy of Obligation as one of their favorite books, and they share why you should read it.
This book is an excellent work of scholarship. It seeks to redefine the early modern English economy by rejecting the concept of capitalism, and instead explores the cultural meaning of credit, resulting from the way in which it was economically structured. It is a major argument of the book that money was used only in a limited number of exchanges, and that credit in terms of household reputation, was a 'cultural currency' of trust used to transact most business. As the market expanded in the late-sixteenth century such trust became harder to maintain, leading to an explosion of debt litigation,…