As I was reading The Relentless Revolution I struggled a little thinking how best to characterize its purpose and content. On the surface it is as advertised, a history of capitalism. It covers several centuries globally, though with the Western emphasis inherent in the subject, and touches on most of the topics one would expect in a standard survey of modern economic history. However, it is not quite suitable for a college-level introductory text, because it is a little too personal, too up-front with the author's own convictions and interests. On the other hand, only occasionally does it penetrate deeply enough and present sufficiently sustained arguments to constitute much more than an introduction.
The most telling way to encapsulate the book, I concluded, is that it represents Joyce Appleby's attempt through historical reflection to sort out her own attitudes about capitalism. Since Appleby is a distinguished scholar, a past president of both the American Historical Association and the Organization of American Historians, one would expect her ruminations to be of some interest, and they often are, although not relentlessly so.
Most parts of Appleby's story have been told many times before: European exploration and commercial expansion, the advance in agricultural productivity, industrialization, the ascent of corporations and big business, the tribulations of depression, post World War II prosperity, the rise of Asian economies, the challenges and opportunities of contemporary globalization, and so on, right up to our most recent near meltdown. Where Appleby adds value, I believe, is through certain of her thematic insights, especially those rooted in topical ground where she herself has contributed to the primary research.
Appleby rightly treats capitalism as a cultural phenomenon, not simply some "system" that is driven by inexorable laws. There is no single development formula, she believes; history shows that capitalism must follow its own path in each society. She organizes much of her material around Joseph Schumpeter's notion of "creative destruction." The most striking feature of capitalism, she says, is change.
Men and women do not innately desire change and, if anything, tend to resist it. Thus the take-off of capitalism required, in part, a shift in the orientation of human motivations. Appleby has previously focused on seventeenth-century economic thought, and here she underscores the importance of that period in Britain, in particular, as the idea began to take hold that stimulating wants could contribute to prosperity. For the first time emulation, love of luxury, and vanity began to look positive, and this transformation helped boost consumption and create markets.
I found Appleby to be quite good on these particular points. Yet through much of the book I was frustrated by debatable claims that she raised but did not develop, by unsupported generalizations, or by the superficiality of the discussion. Then, just as I was ready to lose patience, I would stumble across either a plausible provocative assertion or some striking fact that would re-capture my interest.
Overall, Appleby's assessment of capitalism's strengths and weaknesses seems fair and balanced. While she demonstrates how capitalism has brought prosperity, she also stresses how it has constantly upset the status quo and created social problems. She remains confident that societies can learn from history and continue to adjust.
