This course will examine the origins and development of capitalism in the western world and the US, and how it expanded to the rest of world and ultimately shaped the world’s economy and politics. It will pay attention to the development of capitalism as an economic system and major factor of the social organization in the modern world. It will also introduce views of diverse schools of thought on capitalism and how it has been instrumental in shaping the history of the world. The course is designed to give an understanding to the students about the historical phases of capitalism and its diverse forms.
This course expects to give an in-depth insight to students on how capitalism as an economic and social system evolved in its historical context and emerged as a world economic system. It also expects to give an understanding to students about the diversity within the capitalist system according to the historical contexts of the regions, and the countries of the world in which it was adopted.
At the end of this course students should be able to
• Distinguish various phases of capitalism from manufacturing capitalism to financial capitalism.
• Identify how capitalism as an economic and social system adjusts, modifies, and changes economic, social and political structures of societies along with its historical evolution
• Distinguish different forms of capitalism and the historical factors behind these varying forms
• Identify and describe the main concepts and theories of capitalism
1. Approaches to the study of capitalism
2. Revival of trade, towns and manufacture
4. Emergence of the bourgeoisie
5. Industrialisation and the emergence of capitalism as a mode of production in Europe
6. The rise of US capitalism
7. The growth of capitalism in Japan
8. The Great Depression and the Great War
9. Post-Industrial capitalism
10. Development of Peripheral capitalism
Midterm Test or Assignment 30%
Final Exam 60%
Amin, S. (2003) Obsolescent Capitalism, London: Zed Books.
Beaud, M. (2001) A History of Capitalism, New York: Monthly Review Press.
Maurice, D. (1981) Studies in the Development of Capitalism, London: Rutledge & Kegan Paul.
Polyani, K. (1968) The Great Transformation, Boston: Beacon Press.
Rodney, H. (2006) Transition from Feudalism to Capitalism, Delhi: Akbar Books.
Wallerstein, I. (19997) The Capitalist World Economy: Studies in Modern Capitalism, Cambridge: Cambridge University press.