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Understanding Capitalism: Competition, Command, and Change, Third Edition, is an introduction to economics that explains how capitalism works, why it sometimes does not work as well as we would like it to, and how over time it not only changes but also revolutionizes the world around us. The "three-dimensional approach" of the text focuses on competition in markets; command in firms, governments, and international relations; and change as a permanent feature of a capitalist economy driven by technical innovation and conflict over the distribution of income.
The book covers the standard topics of supply and demand, market competition, imperfect competition, aggregate demand, inflation, and unemployment. It emphasizes the extraordinary dynamism and material productivity of the capitalist economy; the psychological foundations of human behavior; the logic and limitations of Adam Smith's invisible hand; technical change and the new information-based economy; global economic integration and its impact on national economies; the impact of economic activity on the environment; and inequality both within and among nations. In addition, it provides a critical evaluation of the tenets of neoclassical economics, a clear introduction to contract theory, and material drawn from new research in behavioral, institutional, and information economics.
Understanding Capitalism, Third Edition, is ideal for undergraduate courses in economics and political economy. An Instructor's Manual is available to adopters.
FEATURES OF THE THIRD EDITION
·Offers a new chapter on the behavioral foundations of economics, showing that the selfishness of the "economic man" leaves out the important role of other social motives and how individual tastes and values evolve in response to experiences
·Includes a new chapter that examines how economic success (and poverty) are passed on from parents to children and also looks at the increasing inequality of income and wealth along lines of race and gender
·Presents a completely revised and expanded treatment of the revolutionary changes that have been associated with capitalism over the past three centuries
·Provides boxed treatments of issues that can serve as the basis of classroom discussions
·Defines important terms in the margins throughout the text
·Contains a section entitled "Sources of Economic Information" that helps readers locate relevant outside data, both in print and online
- Sales Rank: #229834 in Books
- Published on: 2005-03-10
- Original language: English
- Number of items: 1
- Dimensions: 7.30" h x 1.30" w x 9.00" l, 2.28 pounds
- Binding: Paperback
- 608 pages
About the Author
Samuel Bowles is Research Professor at the Santa Fe Institute, U.S.A., and Professor of Economics at the University of Siena, Italy.
Richard Edwards is Professor of Economics at the University of Nebraska-Lincoln.
Frank Roosevelt is Professor of Economics at Sarah Lawrence College.
Most helpful customer reviews
39 of 44 people found the following review helpful.
Great Intro to Social Democratic Economics
By not me
As taught in most undergraduate courses, the world of mainstream economics is an orderly place: markets clear, economic actors are rational, and social harmony prevails. Readers wanting more realism should read "Understanding Capitalism," a superb introduction to economics written from a social democratic perspective. As in any introductory econ text, the book carefully analyzes market processes. However, it also analyzes "command" relationships within firms, and the relationship between capitalist dynamics and economic growth. This "three dimensional" approach to economics -- the authors prefer the term "political economy" -- offers a comprehensive view of the subject.
The core chapters deal with microeconomics and macroeconomics. The micro section draws on Marx and Schumpeter, and focuses on profit-seeking and "accumulation" as the keys to understanding capitalist dynamics. The macro chapters draw on and update Keynes, and explain why unemployment is a persistent feature of U.S.-style capitalism (Swedish-style capitalism is a different matter). Throughout, economic concepts are related to ideas from anthropology, history, political science, and environmental science. Key points are illustrated with examples from the daily news; there is algebra, but no calculus; the writing is clear. This is a very reader-friendly econ text.
It is also refreshingly non-dogmatic. Although the authors are leftists, they acknowledge that capitalism obliterates archaic economic structures and lifts standards of living. They also highlight the role of profit-seeking in the development of new technologies and production methods. Their tone is consistently reasonable and fair to all points of view. Of course, no book is perfect. I would have preferred a more traditional analysis of microeconomics (complete with graphs showing average cost, marginal cost, and so forth). The sections on international trade and finance are too skimpy for a book trying to make sense of modern globalized capitalism. But overall, "Understanding Capitalism" is superb. No one taking a mainstream lower-division course on economics should miss it -- and anyone teaching such a course should consider using it as a supplemental text.
21 of 24 people found the following review helpful.
I learned more from this than from a year of economics classes
By Mike H
Although this book is written by social democrats, and I am nowhere near a social democrat, I found it to be a very fair and accurate (as far as I know) treatment of economics. Instead of the one dimensional approach favored by the neoclassical economics that dominates American universities, it uses a three dimensional "political economy" approach. It analyzes markets, power relations, and economic growth. And it tells you a lot of very important things that textbooks leave out, mostly relating to flaws with markets. I recommend this book to anyone who is seriously interested in economics. However, it easy enough for anyone to understand.
10 of 11 people found the following review helpful.
probably the best "alternative" introductory textbook
By Augustas B.
"Understanding Capitalism", as far as I know, is the best "alternative" introductory textbook dealing with how the economy works. Some of its content is similar to what one would find in a standard introductory economics textbook: the treatment of supply and demand, inflation, monetary and fiscal policy is fairly conventional, even when non-traditional notation is used. However, much else is fresh, insightful and non-dogmatic. It gives capitalism credit when it's due, and doles out criticism when it applies. Throughout the book, a "three-dimensional approach" is used: competition (horizontal market relations), command (vertical class relations) and change (developments over time) are all examined to give a meaningful picture of the economy. The book has three main parts: political economy (chapters 1-7), microeconomics (chapters 8-13) and macroeconomics (chapters 14-19). I will elaborate on some of the themes developed.
POLITICAL ECONOMY
Chapter 2 contains an amazing discussion of agency: "homo economicus", or as Amartya Sen proclaimed, the "rational fool" is challenged with the help of experimental game theory.
Chapter 4 refers to history of economic thought and briefly reviews the ideas of Adam Smith, Karl Marx, Joseph Schumpeter, John Maynard Keynes, Ronald Coase and Amartya Sen.
Chapter 5 examines the concept of surplus product, the conflict it engenders and its different uses.
Chapters 6 and 7 discuss capitalism and class in the context of different economic systems (slavery, feudalism, central planning, etc.) and review the different phases of American capitalism. An important insight that comes from this is that not all capitalisms are the same: different social and institutional arrangements exist. In fact, the "varieties of capitalism" approach in comparative political science draws on the same insight.
MICROECONOMICS
Chapter 9 contains an extensive discussion of market failure (some basic game theory is used).
Chapter 12 dwells on the insight that the labor market is fundamentally different from other markets. Purchasing labor is not enough: it has to be extracted. The authors use "efficiency wage" theory and a labor extraction curve to show why wages do not reach market clearing levels and why involuntary unemployment always persists (this is later used to discuss full employment in the part on macroeconomics).
Chapter 13 expands the notion of labor extraction and describes the main methods of control used by firms: simple (as in a fast food restaurant), technical (as in a car factory) and bureaucratic control (as in an office).
MACROECONOMICS
Chapter 15 discusses economic development. It takes on the efficiency-equality trade-off often assumed by economists as well as argues that successful development depends mainly on the local institutions rather than foreign investment. In fact, even some neoclassical economists such as Dani Rodrik from Harvard would agree.
Chapter 17 examines the business cycle in the context of the rate of profit (which is discussed extremely thoroughly in Chapter 10). During an expansion of the business cycle labor and material inputs gradually become more expensive and end up squeezing the rate of profit, leading to a decline in investment. This insight applies beyond a regular business cycle. I personally think that a very similar high-employment profit squeeze analysis can be used to partly understand why the post-war consensus in Great Britain was challenged by Thatcherism.
The style of this book is as good as the content. The figures, tables and boxes it employs (all in grayscale) are elegant and non-irritating (a characteristic almost impossible to find in introductory economics textbooks). The writing is lucid and engaging. One example of this is the opening of Chapter 6 which introduces the notion of surplus product by referring to the history of Cambridge, England: both the Medieval cathedral and the 17th century ditches in Cambridge are results of the surplus product. The former was used for religious purposes, the latter were used to drain marshy land and to expand productive capacity. Finally, the lists of suggested readings in the end of every chapter contain some very valuable recommendations.
Of course, as one reviewer pointed out, this book is not perfect. It disregards some mainstream concepts that are important or useful: price elasticity and welfare analysis, free trade and comparative advantage, production possibilities frontier (PPF). They can be successfully criticized (e.g. comparative advantage can be criticized as static and dependent on certain restrictive and unrealistic assumptions) but it is vital to know them since they are used in debates on public policy (taxes, trade, etc.). PPF in its turn helps to understand the difference between "crowding out" and "crowding in" due to fiscal policy. However, I do not think this takes away from this book. Most students will know mainstream concepts from regular courses. Thus, I highly recommend it!
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