Thinking about Capitalism

By: Jerry Z. Muller, The Great Courses

Narrated by: Jerry Z. Muller

In these 36 engaging lectures, Professor Muller takes you deep inside the perspectives on this most important and pervasive force. You'll gain fresh insights that will strengthen your understanding of capitalism's rich history, its fascinating proponents and opponents, and its startling impact on our world.

These lectures take you beyond economic analysis to look at how some of the greatest intellects have thought about capitalism and its moral, political, and cultural ramifications. Covering capitalism from its 17th-century beginnings to today's era of globalization, Professor Muller explores some wide-ranging questions. What effect does capitalism have on personal development? What about the seemingly unending variety of consumer goods made possible by capitalism? Do the facts support our tendency to think about capitalism as the economic system practiced in "free" countries? Or can capitalism exist in a wide variety of political systems? These are just a few of the many provocative and absorbing questions and issues you'll untangle here.

By placing capitalism in its full societal context, these lectures will enhance your ability to consider, discuss, and answer these and other critical questions - whatever your point of view. Genial and disarming, Professor Muller connects the dots from idea to idea, thinker to thinker, and helps you finally grasp the history and the concepts of this vital economic system, as well as its importance on the global economic stage and in your own life.

PLEASE NOTE: When you purchase this title, the accompanying reference material will be available in your Library section along with the audio.

©2008 The Teaching Company, LLC (P)2008 The Great Courses

great background

a great background in the concepts, history, problems and challenges of capitalism. does not re2a degree in economics to understand. highly recommended.

A fantastic piece of work.

A fantastic piece of work and a must read for anyone seeking to be successful in business or. in politics.

Putting the ball in play

I'm always worried when I pick up a title like this that it will be one-sided defense or equally one-sided attack on ... whatever the subject is, in this case, capitalism. In this course, the author/lecturer expresses the ideas of thinkers on capitalism over the past few hundred years. He takes one notion, holds it up to the light, moves it around to examine from different angles, and then picks up another, gives it the same treatment and plays it off the previous. It is filled with nuance and really opens the door for ongoing discussion.

CAPITALIST SELF-INTEREST

Professor Muller offers an interesting and insightful defense of capitalism. Jerry Muller’s “Thinking about Capitalism” is an historical account of economic theory.

Muller notes that capitalism is pummeled by many anecdotes of history. Muller does not deny the excesses of capitalism, but Muller suggests societal benefits from capitalism far exceed its detriments. He explores market, command, and mixed economic systems. In his journey through the history of economic systems, capitalism shines brightest.

Muller argues capitalism’s storied failures distort its multifaceted values. In the “Wealth of Nations”, a seminal work on capitalism, Adam Smith clearly explains the value of a capitalist (market) economic system is based on self-interest. Muller notes Smith’s use of the term self-interest is often misinterpreted by the public as greed.

Self-interest comes in many forms. One person’s self-interest may be altruistic in helping others to feel better about themselves. Another person’s self-interest may be to increase personal wealth to improve their family’s standard of living. Smith’s definition of self-interest is founded on virtue; i.e. behavior based on high moral values. The fundamental point is that everyone’s self-interest is a motivation that is ungoverned by an outside force. Self-interest is a part of human nature.

Fundamentally, Muller infers no modern economic system is better than capitalism. One draws that inference by Muller’s cogent explanation of the value of capitalist self-interest. Because Adam Smith’s concept of self-interest is an inborn characteristic of human nature, it will prevail over any economic system that requires command control. America has been a successful capitalist country in great part because of checks and balances that mitigate command control qualities of mixed economies. Hobbes assessment of human nature demands some level of command control; even in a capitalist economy.

One might argue that America’s avoidance of near economic collapse in 2008 is evidence of the importance of a mixed economic theory. (Interestingly, a December 18, 2018 “…Economist” article, written by Schumpeter, notes that China’s communist party control of businesses during Trump’s trade war have fared better than private businesses.)

highly recommended

Incredibly informative - recommended for anyone. The first lecture was a bit slow but everything else was great.