What does the political economy of the early modern period tell us about the global flows of capital today?
Project Summary
By placing a temporary parenthesis around the economy of the Industrial Revolution and its Fordist offshoots, the project explores how the early modern economy may shed new light on the rise of global capitalism.
This project explores new chronological and thematic frameworks for understanding the hyper-capitalism of the twentieth century. Global flows of “hot” money putting pressure on industries and governments; state-of-the-art factories situated in enclaves in the global south; multinationals exercising quasi-governmental functions; the flourishing of metropolitan economies as their surrounding hinterlands stagnate; and the squeeze that environmental constraints put on productive capacities of all kinds—none of these are new phenomena. And yet the grand narrative of nineteenth- and twentieth-century industrialization giving way to an unprecedented phase of post-capitalism obscures the ways in which early modern experiences may help to illuminate our own epoch. It was also during this period that financial capital dominated industrial capital; the protean forms that merchant capital took in its hunt for value elude the elegant formulations of classical political economy. During this period, the multiplicity of labor and property relationships did not map clearly onto political rights claims. Finally, and in contrast to the industrial period, in the early modern period problems of resource scarcity dominated economic thinking. By placing a temporary parenthesis around the economy of the Industrial Revolution and of its Fordist offshoots, this project will explore how the early modern economy may enrich our understanding of the hyper-capitalism of our present. The research team will trace a new intellectual history of global capitalism by focusing on the ways in which ideas and debates about politics and the economy both reflected and shaped the development of capitalism since the seventeenth century the world over.
Professor of European History, Fundamentals, and the College
University of Chicago
Paul Cheney is a historian who specializes in old regime France and its colonial empire. The unifying element of his work is an interest in early modern capitalism, and in particular the problem of how modern social and political forms gestated within traditional society. Old regime France...
Lucas Pinheiro's research bridges political theory and social history by focusing on the development of global capitalism, empire, and the legacies of racial slavery in the Atlantic world since the late seventeenth century. His current book project, Factories of Modernity: Political Thought...
“István Hont, the Cosmopolitan Theory of Commercial Globalization, and Twenty-First-Century Capitalism”Modern Intellectual History, 15 March, 2021, 1–29Read
Pinheiro, Lucas G.
"A Factory Afield: Capitalism and Empire in John Locke’s Political Economy”Modern Intellectual History, 1 Oct, 2020, 1-28Read
Arrighi, Giovanni
Adam Smith in Beijing: Lineages of the Twenty-First Century(Verso, 2007)Read
Austen, Ralph A.
“Monsters of Protocolonial Economic Enterprise: East India Companies and Slave Plantations”Critical Historical Studies 4, no. 2 (September 1, 2017): 139–77Read
“The Intensification of Social Forms: Economy and Culture in the Thought of Clifford Geertz”Critical Historical Studies 5, no. 2 (September 1, 2018): 237–66Read
Slobodian, Quinn
Globalists: The End of Empire and the Birth of Neoliberalism(Harvard, 2018)Read
Williams, Eric
Capitalism and Slavery(University of North Carolina Press, 1944)Read