Capitalism and the Historians

By ed. Hayek, F.A.

Book Overview

The views generally held about the rise of the factory system in Britain derive from highly distorted accounts of the social consequences of that system-so say the distinguished economic historians... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0226320723
• ISBN13: 9780226320724
• Release Date: April 1963
• Publisher: University of Chicago Press
• Length: 196 Pages
• Weight: 0.83 lbs.
• Dimensions: 0.5" x 5.3" x 8.0"

Customer Reviews

what is history

I am intrigued by this collection of essays in "Capitalism and the Historians" published in 1954. Professor F. A. Hayek of the University of Chicago USA is the editor with contributions from Louis Hacker, W. H. Hutt and Bertrand de Jouvenel. The topic of discussion is specifically, the "legend of the deterioration of th eposition of the working classes in consequence to the rise of 'capitalism'", and generally, "the widespread aversion to 'capitalism'". On a larger scale, these essays examine what is "history", as apart from "political legend". Professor Ashton attacks a general pessismism and lack of economic sense in the commonly accepted views of the economic developments of the nineteenth century. He opposes the views of Sombart and Schumpeter which write history "as though it its function were simply to exhibit the gradualness of inevitability." Rather, Ashton maintains "that it is from the spontaneous actions and choices of ordinary people that progress springs." Louis M Hacker addresses the same themes as Ashton and discusses the present attitude of American historians toward capitalism. Hacker summarises, "When, therefore, historians learn to treat their materials more sensitively and make corrections on the counts indicated, the popularly accepted notions about profits as exploitation will undergo drastic revision." Bertrand de Jouvenel examines the treatment of capitalism by continental intellectuals. He explains that the modern intelligentsia occupies a similar position as the clerics of Medieval Times although their authority is undermined because they lack the responsibility of the clerics who were themselves part of the community. "The study of the past," writes de Jouvenel, "always bears the imprint of the present views." In the second part of this book, Ashton examines what happened to the standard of life of the British working classes in the late decades of the eighteenth and the early decades of the nineteenth. W H Hutt also examines the British factory system of this period. The report of the "Sadler's Commitee" in 1832 is analyzed. Although this examination and defence of "capitalism" made for extremely interesting reading, I was more impressed with the methods these historians used to extract their view of events and thereby, redefine common misconceptions of an historical period. If you are interested in the early development of the Industrial Revolution in Britain, or in history as a dynamic organism, this book will be interesting to you.

Capitalism not as a "dirty word."

Hayek's books are always not easy ones. This book, not unlike other ones, is hard to understand.If you think the word "capitalism" is a dirty word. Buy this book or Milton Friedman's "Capitalism and Freedom." You will learn much about capitalism and its meanings.This is a great investigation of the history of business. It teaches you to think differently. You'll become a better historian.