Capitalist Critics

Capitalism and Its Critics: A History: From the Industrial Revolution to AI 

by John Cassidy

"An extra hundred pounds is worth a lot more to a poor person than to a rich one because the poor person’s need is far greater. This idea, which economists today refer to as the diminishing marginal utility of income,”

― John Cassidy, Capitalism and Its Critics: From the East India Company to AI


As a staff writer for The New Yorker, Cassidy profiles dozens of the most vocal and powerful critics of capitalism, documenting its history from the East India Company to the era of artificial intelligence. The fundamental criticisms of capitalism, according to Cassidy, have not changed much over the centuries: it is "soulless, exploitative, inequitable, unstable, and destructive," but it is also "all-conquering and overwhelming."

In addition to well-known figures like Thomas Piketty, John Maynard Keynes, Rosa Luxemburg, and Karl Marx, the story also discusses lesser-known but equally important critics like the Luddites, Irish proto-socialist William Thompson, French unionist Flora Tristan, conservative Thomas Carlyle, and Indian economist J. C. Kumarappa.

Capitalism's "remarkable knack for reinventing itself" and its astounding "powers of self-regeneration and survivability," which have enabled it to weather multiple crises and evade the ultimate collapse that some of its detractors had predicted, are fundamental themes.

Since growing inequality, climate change, and artificial intelligence raise serious concerns about the viability and ethics of the current economic system, the book is positioned as a work that is relevant to the times. According to Cassidy, the prevailing ideologies of free-market neoliberalism and Keynesian social democracy are "running aground," so it is critical to find alternatives.
According to reviews, the book humanizes what is sometimes a dry subject matter by combining a lively examination of economic theories, a comprehensive history, and a rich biography.

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Episodes in a Texan Life

The Boy Kings of Texas: A Memoir 

by Domingo Martinez

“The first was to expect crushing disappointment in life, the second was the absolute reliability of loss, and finally, the utter futility of faith”  ― Domingo Martinez, The Boy Kings of Texas: A Memoir

Martinez's childhood and adolescence in the Brownsville barrio, where poverty is pervasive and cultures frequently clash on the banks of the Rio Grande, are chronicled in the memoir. The prevalence of machismo and the challenge of navigating a challenging life that involves violence, drug abuse, and a lack of economic opportunity are major themes.

Martinez presents a cast of enduring and nuanced family members while exposing his inner and outer worlds. In his early years, he is a bright and sensitive boy who frequently feels like an outsider because of his light skin and intellectual nature, which go against the dominant macho culture.

The "enduring, complex bond" with his severely flawed but fiercely protective older brother is the main focus of the book. Gramma, a strong, gun-wielding former farmhand who occasionally acts as the family's witch doctor, is another member of the family. His older sisters, the Mimis, make an effort to "transform themselves from poor Latina adolescents into upper-class white girls" for a while.
Although the family's life is unvarnished and difficult, the story is told with unwavering honesty and is regularly peppered with wit and humor. When Martinez tells stories, he favors wisdom and humor over tragedy. The book, in my opinion, read less like a chronological narrative and more like a collection of colorful, occasionally tangential short stories.

The memoir follows Martinez through his years of substance abuse and eventually culminates in his move away from Brownsville to Seattle as a young adult, reflecting on how his Texas upbringing continues to impact his life. I found most of the episodes fascinating, making the book hard to put down.

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