Capitalism: A Very Short Introduction VERY SHORT INTRODUCTIONS are for anyone wanting a stimulating and accessible way in to a new subject. They are written by experts, and have been published in more than 25 languages worldwide. The series began in 1995, and now represents a wide variety of topics in history, philosophy, religion, science, and the humanities. Over the next few years it will grow to a library of around 200 volumes – a Very Short Introduction to everything from ancient Egypt and Indian philosophy to conceptual art and cosmology. Very Short Introductions available now: AFRICAN HISTORY BUDDHISM Damien Keown John Parker and Richard Rathbone BUDDHIST ETHICS Damien Keown AMERICAN POLITICAL PARTIES CAPITALISM James Fulcher AND ELECTIONS L. Sandy Maisel CATHOLICISM Gerald O’Collins THE AMERICAN PRESIDENCY THE CELTS Barry Cunliffe Charles O. Jones CHAOS Leonard Smith ANARCHISM Colin Ward CHOICE THEORY Michael Allingham ANCIENT EGYPT Ian Shaw CHRISTIAN ART Beth Williamson ANCIENT PHILOSOPHY Julia Annas CHRISTIANITY Linda Woodhead ANCIENT WARFARE CITIZENSHIP Richard Bellamy Harry Sidebottom CLASSICAL MYTHOLOGY ANGLICANISM Mark Chapman Helen Morales THE ANGLO-SAXON AGE John Blair CLASSICS ANIMAL RIGHTS David DeGrazia Mary Beard and John Henderson ANTISEMITISM Steven Beller CLAUSEWITZ Michael Howard THE APOCRYPHAL GOSPELS THE COLD WAR Robert McMahon Paul Foster COMMUNISM Leslie Holmes ARCHAEOLOGY Paul Bahn CONSCIOUSNESS Susan Blackmore ARCHITECTURE Andrew Ballantyne CONTEMPORARY ART ARISTOTLE Jonathan Barnes Julian Stallabrass ART HISTORY Dana Arnold CONTINENTAL PHILOSOPHY ART THEORY Cynthia Freeland Simon Critchley ATHEISM Julian Baggini COSMOLOGY Peter Coles AUGUSTINE Henry Chadwick THE CRUSADES Christopher Tyerman AUTISM Uta Frith CRYPTOGRAPHY BARTHES Jonathan Culler Fred Piper and Sean Murphy BESTSELLERS John Sutherland DADA AND SURREALISM THE BIBLE John Riches David Hopkins BIBLICAL ARCHEOLOGY Eric H. Cline DARWIN Jonathan Howard BIOGRAPHY Hermione Lee THE DEAD SEA SCROLLS THE BRAIN Michael O’Shea Timothy Lim BRITISH POLITICS Anthony Wright DEMOCRACY Bernard Crick BUDDHA Michael Carrithers DESCARTES Tom Sorell DESIGN John Heskett HIEROGLYPHS Penelope Wilson DINOSAURS David Norman HINDUISM Kim Knott DOCUMENTARY FILM HISTORY John H. Arnold Patricia Aufderheide THE HISTORY OF ASTRONOMY DREAMING J. Allan Hobson Michael Hoskin DRUGS Leslie Iversen THE HISTORY OF LIFE THE EARTH Martin Redfern Michael Benton ECONOMICS Partha Dasgupta THE HISTORY OF MEDICINE EGYPTIAN MYTH Geraldine Pinch William Bynum EIGHTEENTH-CENTURY BRITAIN THE HISTORY OF TIME Paul Langford Leofranc Holford-Strevens THE ELEMENTS Philip Ball HIV/AIDS Alan Whiteside EMOTION Dylan Evans HOBBES Richard Tuck EMPIRE Stephen Howe HUMAN EVOLUTION ENGELS Terrell Carver Bernard Wood ETHICS Simon Blackburn HUMAN RIGHTS Andrew Clapham THE EUROPEAN UNION HUME A. J. Ayer John Pinder and Simon Usherwood IDEOLOGY Michael Freeden EVOLUTION INDIAN PHILOSOPHY Brian and Deborah Charlesworth Sue Hamilton EXISTENTIALISM Thomas Flynn INTELLIGENCE Ian J. Deary FASCISM Kevin Passmore INTERNATIONAL MIGRATION FEMINISM Margaret Walters Khalid Koser THE FIRST WORLD WAR INTERNATIONAL RELATIONS Michael Howard Paul Wilkinson FOSSILS Keith Thomson ISLAM Malise Ruthven FOUCAULT Gary Gutting JOURNALISM Ian Hargreaves FREE WILL Thomas Pink JUDAISM Norman Solomon FREE SPEECH Nigel Warburton JUNG Anthony Stevens THE FRENCH REVOLUTION KABBALAH Joseph Dan William Doyle KAFKA Ritchie Robertson FREUD Anthony Storr KANT Roger Scruton FUNDAMENTALISM Malise Ruthven KIERKEGAARD Patrick Gardiner GALAXIES John Gribbin THE KORAN Michael Cook GALILEO Stillman Drake LAW Raymond Wacks GAME THEORY Ken Binmore LINCOLN Allen C. Guelzo GANDHI Bhikhu Parekh LINGUISTICS Peter Matthews GEOGRAPHY LITERARY THEORY Jonathan Culler John Mathews and David Herbert LOCKE John Dunn GEOPOLITICS Klaus Dodds LOGIC Graham Priest GERMAN LITERATURE Nicholas Boyle MACHIAVELLI Quentin Skinner GLOBAL CATASTROPHES Bill McGuire THE MARQUIS DE SADE John Phillips GLOBAL WARMING Mark Maslin MARX Peter Singer GLOBALIZATION Manfred Steger MATHEMATICS Timothy Gowers THE GREAT DEPRESSION AND THE MEANING OF LIFE THE NEW DEAL Eric Rauchway Terry Eagleton HABERMAS James Gordon Finlayson MEDICAL ETHICS Tony Hope HEGEL Peter Singer MEDIEVAL BRITAIN HEIDEGGER Michael Inwood John Gillingham and Ralph A. Griffiths MEMORY Jonathan K. Foster THE QUAKERS Pink Dandelion MODERN ART David Cottington QUANTUM THEORY MODERN CHINA Rana Mitter John Polkinghorne MODERN IRELAND Senia Pašeta RACISM Ali Rattansi MODERN JAPAN RELATIVITY Russell Stannard Christopher Goto-Jones RELIGION IN AMERICA MOLECULES Philip Ball Timothy Beal MORMONISM THE RENAISSANCE Jerry Brotton Richard Lyman Bushman RENAISSANCE ART MUSIC Nicholas Cook Geraldine A. Johnson MYTH Robert A. Segal ROMAN BRITAIN NATIONALISM Steven Grosby Peter Salway NELSON MANDELA Elleke Boehmer THE ROMAN EMPIRE THE NEW TESTAMENT AS Christopher Kelly LITERATURE Kyle Keefer ROUSSEAU Robert Wokler NEWTON Robert Iliffe RUSSELL A. C. Grayling NIETZSCHE Michael Tanner RUSSIAN LITERATURE NINETEENTH-CENTURY BRITAIN Catriona Kelly Christopher Harvie and SCHIZOPHRENIA H. C. G. Matthew Chris Frith and Eve Johnstone NORTHERN IRELAND SCHOPENHAUER Marc Mulholland Christopher Janaway NOTHING Frank Close SCIENCE AND RELIGION NUCLEAR WEAPONS Thomas Dixon Joseph M. Siracusa SCOTLAND Rat Houston THE OLD TESTAMENT SEXUALITY Véronique Mottier Michael D. Coogan SHAKESPEARE Germaine Greer PARTICLE PHYSICS Frank Close SIKHISM Eleanor Nesbitt PAUL E. P. Sanders SOCIAL AND CULTURAL PHILOSOPHY Edward Craig ANTHROPOLOGY PHILOSOPHY OF LAW John Monaghan and Peter Just Raymond Wacks SOCIALISM Michael Newman PHILOSOPHY OF SCIENCE SOCIOLOGY Steve Bruce Samir Okasha SOCRATES C. C. W. Taylor PHOTOGRAPHY Steve Edwards THE SOVIET UNION PLATO Julia Annas Stephen Lovell POLITICAL PHILOSOPHY David Miller THE SPANISH CIVIL WAR POLITICS Kenneth Minogue Helen Graham POSTCOLONIALISM Robert Young SPINOZA Roger Scruton POSTMODERNISM STATISTICS David J. Hand Christopher Butler STUART BRITAIN John Morrill POSTSTRUCTURALISM SUPERCONDUCTIVITY Catherine Belsey Stephen Blundell PREHISTORY Chris Gosden TERRORISM Charles Townshend PRESOCRATIC PHILOSOPHY THEOLOGY David F. Ford Catherine Osborne TRAGEDY Adrian Poole PSYCHIATRY Tom Burns THE TUDORS John Guy PSYCHOLOGY TWENTIETH-CENTURY Gillian Butler and Freda McManus BRITAIN Kenneth O. Morgan THE UNITED NATIONS Jussi THE WORLD TRADE M. Hanhimäki ORGANIZATION THE VIKINGS Julian Richards Amrita Narlikar WITTGENSTEIN A. C. Grayling WRITING AND SCRIPT WORLD MUSIC Philip Bohlman Andrew Robinson Available soon: PURITANISM THE REFORMATION Peter Marshall Francis J. Bremer DESERTS Nick Middleton FASHION Rebecca Arnold THE NORMAL CONQUEST AQUINAS Fregus Kerr George Garnett For more information visit our website www.oup.co.uk/general/vsi/ This page intentionally left blank James Fulcher CAPITALISM A Very Short Introduction 1 3 Great Clarendon Street, Oxford ox2 6dp Oxford University Press is a department of the University of Oxford. It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide in Oxford New York Auckland Bangkok Buenos Aires Cape Town Chennai Dar es Salaam Delhi Hong Kong Istanbul Karachi Kolkata Kuala Lumpur Madrid Melbourne Mexico City Mumbai Nairobi São Paulo Shanghai Taipei Tokyo Toronto Oxford is a registered trade mark of Oxford University Press in the UK and in certain other countries Published in the United States by Oxford University Press Inc., New York © James Fulcher 2004 The moral rights of the author have been asserted Database right Oxford University Press (maker) First published as a Very Short Introduction 2004 All rights reserved. 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Enquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above You must not circulate this book in any other binding or cover and you must impose this same condition on any acquirer British Library Cataloguing in Publication Data Data available Library of Congress Cataloging in Publication Data Data available ISBN 13: 978-0-19-280218-7 ISBN 10: 0–19–280218–6 5 7 9 10 8 6 4 Typeset by RefineCatch Ltd, Bungay, Suffolk Printed in Great Britain by Ashford Colour Press Ltd, Gosport, Hampshire Acknowledgment I would like to acknowledge the support given to me by the University of Leicester in granting me the study leave that enabled me to write this book.