“Since the financial crash of 2007–08, the state of mainstream economics—already faced with incipient revolt from students, economic commentators and, increasingly, economists themselves—has become an open scandal. The debacle itself was preceded by hubristic self-congratulations at the end of major macroeconomic instability, a Great Moderation attributed to the felicity of neoliberal ‘reforms’ and to the wisdom of central bankers. One sign of growing impatience with all of this was the widespread welcome received by Thomas Piketty’s studies of inequality which …make a telling contrast with reigning macroeconomic models of a ‘dynamic, stochastic general equilibrium’—mostly mathematically sophisticated Robinsonades based on a single, ‘representative’ agent that are useless for exploration either of social inequalities or of that other prominent feature of the contemporary financial landscape, default…In this conjuncture, Anwar Shaikh’s Capitalism offers the prospect of an intellectual renewal more comprehensive than any so far attempted. Both the range and the depth of his book, covering in detail mainstream and heterodox, micro- and macroeconomics, are without parallel in contemporary literature. Its ambition is not confined to a critique of prevailing doctrines. Shaikh advances corrected or contrasting views, supported by statistical evidence, of each central problem with which he deals, to construct an alternative account of the workings of capitalism and recent economic developments, particularly in the United States.” — John Grahl in The New Left Review (March-April 2017)
“Anwar Shaikh has always been an independent, free spirit. He has great economic intuition and technical skills. He has absorbed the literature of classical political economy, Marx’s writings, modern economic theory, and applied work. He also is well versed in philosophy and in historical writings. His mentors include Smith, Ricardo, Marx, Keynes, Sraffa, Joan Robinson, Kalecki, Goodwin, Godley, Pasinetti and Taylor. All these influences and more come together in Capitalism: Competition, Conflict, Crises, his magnum opus. In an extraordinary blend of original theory and careful empirical work, we have possibly the most comprehensive structure since Marx’s Capital, within which to understand and analyse the many inter-related processes that constitute modern advanced capitalism. His book provides both deep understanding, and a platform on which to erect appropriate policies, with which to tackle the revealed malfunctionings and undesirable social outcomes. It would not be Shaikh’s fault if others do not take up the challenge.” — G. C. Harcourt, Reader in the History of Economic Theory, Emeritus, University of Cambridge and Visiting Professorial Fellow, School of Economics, UNSW Australiaa
“An amazing feat. Anwar Shaikh’s Capitalism covers exchange, production, costs, competition, money, macro-dynamics, profit, wages and trade, with theory, history and evidence complete. Deeply erudite and beautifully written, it is at once a stunning renovation of classical and Keynesian economics and a relentless demolition of sophistries. A book to savor and to teach; there hasn’t one like it for 150 years.” — James K. Galbraith, author of The End of Normal and of Inequality: What Everyone Needs to Know
“Shaikh’s book is an excellent lexicon of the long-term genesis, content, and journey of capitalism. Its focus embraces the foundational analyses; the turbulent trends and hidden structures; the micro foundations and macro patterns; production and costs; exchange, money, and price; capital and profit; the theory of real life competition in its diverse forms; the theory of wages and unemployment; inflation, profitability, and recurrent crises; and independent and free spirit. The background literature is impressive. Theory and empirical evidence are blended neatly to compose the book’s core. It provides readers with one-stop shopping—an excellent repository of everything anyone would desire to know to be more informed about this formidable social institution. Regardless of capitalism’s achievements, one must never gloss over its challenges to all humanity. The author, sadly, ignores the degree to which humans impact capitalist efficiency. It seems that by working harder to enhance the quality of the human factor, the capitalist will, indeed, offer members of the global village more hope than they have been given to date. Regardless, the book is highly recommended to everyone interested in gaining deeper insight into capitalism and the future of humanity.”—S. Adjibolosoo, Fermanian School of Business, Point Loma Nazarene University in September 2016 issue of Choice
“[Capitalism] is different, it’s not political, it’s written for economics scholars and explores the fundamental categories on which neoclassical economics is built, that is; ‘rational’ consumers, U-shaped supply curves, flat demand functions and the fiction of an equilibrium at which marginal-utility equals marginal-cost. The author’s scalpel eviscerates every one of these categories from the inside that is from within economic discourse and using empirical economic data. This book will resonate for a long time.” — Kumar David, Colombo Telegraph (click for full article)
“Anwar Shaikh’s magnum opus is one of the most important works of political economy to have come out in a generation. In a time when economics is becoming ever more recondite and otherworldly, Shaikh shows that an economic theory based on real abstractions is not only necessary, but also possible. This is a work of lasting importance, not just for economists, but for anyone interested in how capitalism works.” — Vivek Chibber, Professor of Sociology, New York University
“This new book by Anwar Shaikh is a veritable tour de force from a unique economist who skillfully links deep insights from classical economic theory with cutting edge ideas in econophysics and economic complexity to penetratingly deal with issues from microeconomic competition through macroeconomic dynamics and turbulence.” — J. Barkley Rosser, Jr., Professor of Economics and Kirby L. Cramer, Jr. Professor of Business Administration, James Madison University