The Invention of Capitalism: Classical Political Economy and the Secret History of Primitive Accumulation
by Michael Perelman
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Book Summary Information
Author: Michael PerelmanEdition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 2000
ISBN: 0822324911
Number of pages: 424
Publisher: Duke University Press
Book Reviews of The Invention of Capitalism: Classical Political Economy and the Secret History of Primitive Accumulation
Book Review: Two books instead of one
Summary: 4 Stars
"TheInvention of Capitalism" by Michael Perelman is a little odd. It essentially attempts to combine two books into one: on the one hand, a book proving necessity of the process of primitive accumulation for capitalism to develop, and on the other hand, a book showing how the classical political economists were not consistent in there pretenses to laissez-faire, instead preferring to either support primitive accumulation or to ignore it entirely.
Both books are a great success in terms of proving their own case. The chapters on primitive accumulation itself, mainly at the beginning of the book, explain both the nature and the extent of this process exceedingly well and add significantly to a by now quite extensive literature on the subject. In any case it becomes clear once again that the origins of capitalism are in no way either "natural" or "voluntary". On the contrary, they involved severe collusion between manufacturers, landlords and the government, as shown in the case of Britain.
The case against the classical political economists is less clear. Perelman succeeds wonderfully in showing the hypocrisy of these early economists, in particular Adam Smith, regarding the nature of the capitalist system they intended to support as "natural" and self-propelling, and their wilful ignorance as to its origins. Nevertheless, Perelman's hatred for Adam Smith seems excessive and surely spending three chapters on a frontal assault on this thinker alone is a little bit too much in a book about primitive accumulation. There is also quite extensive use of vague references and circumstancial evidence (Robert Torrens is apparently extra evil for being a Colonel of the Royal Marines) in Perelman's accusations, which do not really strengthen these chapters' overall impression. Nevertheless, it can be considered useful as a counterweight to the often rather hagiographical neoclassical descriptions of the works of Smith, Ricardo, Malthus etc., and it also deservedly reestablishes the stature of Sir James Steuart.
Overall, Perelman's use of data and sources is very thorough and extensive, and can be considered commendable. His argumentation on primitive accumulation is fine, and even his case against the classical political economists is strong. Yet the book would have been better had it been split into two separate ones: one on the primitive accumulation itself and its extent, and the other about the 'collaboration' of Smith et al. to this. As it stands now, it is a little incoherent.
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Summary of The Invention of Capitalism: Classical Political Economy and the Secret History of Primitive Accumulation
The originators of classical political economy-Adam Smith, David Ricardo, James Steuart, and others-created a discourse that explained the logic, the origin, and, in many respects, the essential rightness of capitalism. But, in the great texts of that discourse, these writers downplayed a crucial requirement for capitalism's creation: For it to succeed, peasants would have to abandon their self-sufficient lifestyle and go to work for wages in a factory. Why would they willingly do this?Clearly, they did not go willingly. As Michael Perelman shows, they were forced into the factories with the active support of the same economists who were making theoretical claims for capitalism as a self-correcting mechanism that thrived without needing government intervention. Directly contradicting the laissez-faire principles they claimed to espouse, these men advocated government policies that deprived the peasantry of the means for self-provision in order to coerce these small farmers into wage labor. To show how Adam Smith and the other classical economists appear to have deliberately obscured the nature of the control of labor and how policies attacking the economic independence of the rural peasantry were essentially conceived to foster primitive accumulation, Perelman examines diaries, letters, and the more practical writings of the classical economists. He argues that these private and practical writings reveal the real intentions and goals of classical political economy-to separate a rural peasantry from their access to land.
This rereading of the history of classical political economy sheds important light on the rise of capitalism to its present state of world dominance. Historians of political economy and Marxist thought will find that this book broadens their understanding of how capitalism took hold in the industrial age.
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