A fascinating re-examination of the genesis of capitalism, along with some thoughts for what that might mean for its future. The origin of capitalism has been the subject of debate, particularly within the Marxist intellectual sphere because of its significance for how it might finish. The first part of this book is taken up with a summary and brief review of this debate. Meiksin Wood’s focus is on the “commercialisation” approach and its variations. In short Meiksin Wood’s view is that this is based on the presupposition that the logic of capitalism (profit derived from exploitation of production based on workers who do not have independent access to the means of production) is eternal, awaiting only the removal of fetters to be released and grow. Even various strands of Marxist thinking see capitalist laws of motion sitting within feudalism simply waiting to be unleashed. Gradual accumulation through trade eventually reaches a tipping point allowing the existing bourgeois in the cities to overturn their feudal chains.
In Meiksin Wood’s view this is wholly unsatisfactory, taking as given what itself needs to be explained – that is how did capitalist relations and forms of property come to be created in the first place. It is not sufficient to simply assume that capitalism existed latent within feudalism waiting to be released. This would mean that we accept the view common in capitalist economics that the ‘laws of motion’ of capitalism represent eternal rules valid throughout the whole of human history. And yet we know that capitalism appeared late, with most societies functioning in non-capitalist ways.
The second and longer section of the book outlines Meiksin Wood’s view that the genesis of capitalism was in fact a specific response to the conditions in rural England in the early modern period. Rather than being driven by the commercial accumulation of wealth, or by technological change, capitalism grows out of the relations of production in the countryside where the development of changed relations between aristocratic landlord and tenant farmer imposes the imperatives of the market on both producers and appropriators. These relations of production, and the creation of a unified national market for domestic products, create an agrarian capitalism that provides the foundation stone for future developments. The bourgeois of the towns and the development of international trade is therefore not what underpins the creation of capitalism, rather it is the changes in the English countryside.
This is an excellent thought provoking discussion of the issues surrounding the development of capitalism in the early modern period.
Meiksins Wood, E The Origin of Capitalism: A Longer View (Verso, London, 2017)