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From Publishers Weekly

Arguing that capitalism is a cultural—rather than purely economic—phenomenon, Appleby (_Liberalism and Republicanism in the Historical Imagination_) traces its trajectory through European, American, and Asian successes and setbacks, its unhappy experiments in colonization, the world wars, and into contemporary India and China. She narrates the rise of capitalism as a process of accretion, starting with Dutch agricultural innovations that were adopted and improved upon by the British. This set England on the path to controlling famine and, ultimately, freed capital and labor for trade. Appleby turns Marxism on its head as she proposes that the new social relations introduced in England as a result of converting common land into freeholds were the consequence, not the cause, of the transformation in English farming. If this sounds like breathless global time travel, it is still a laudable effort at demonstrating that there was nothing inevitable about the rise of capitalism. Both scholarly and accessible, this book unpacks a complex web of seemingly unrelated events; its dazzling achievements are tarnished only by multiple misnomers: there is no city called Calico in India (there's a Calicut) and no language called Hindu (it's Hindi). (Jan.)
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Historian Appleby traces capitalism (a system based on individual investments in the production of marketable goods) from early industrialization to the present global economy. She explores the benchmarks in capitalism’s ascent, looking at how this system transformed politics while churning up practices, thoughts, values and ideals that had long prevailed within the cocoon of custom. It changed the way people thought and planned, and the author shows how different societies respond to its challenges up to the twenty-first century and the world recession of 2008–09. She explains that the 2008 financial crisis was caused by the era of deregulation from the late 1970s to 1999, while vast sums of money circulated through global markets and the growth in financial assets outpaced real economic activity. Appleby concludes that since capitalism is a set of practices and institutions that permits billions of people to pursue their interests in the marketplace, it is highly likely that panics and bubbles will occur again. This is an excellent book. --Mary Whaley