Understanding a “Hyperreality”: New Perspectives on the History of Capitalism

A book that encourages contradiction

Beckert presented his book as part of the Studium Generale’s book discussion series “Books People Are Talking About” (“Bücher, über die man spricht”), organized in collaboration with FRIAS. Based on an ‘author meets critics’ format, the series brings together authors and expert commentators for a critical discussion. With more than 300 attendees, the lecture hall was packed. Joining Sven Beckert on the panel were science journalist Thomas Steiner (Badische Zeitung), historical sociologist Matthias Leanza from the University of Basel, and global historian and FRIAS Distinguished Fellow Jürgen Osterhammel.

Beckert’s key message: Capitalism is not a natural or exclusively European economic system, but rather a historically evolved, global, and conflict-ridden order. It developed over centuries through the combined influence of trade, political power, colonial violence, slavery, agriculture, industry, and state institutions. Beckert does not recognize a single moment marking the “birth” of capitalism, neither in Florence, Amsterdam, Manchester, nor New York: “I see capitalism rather as a fully interconnected process that is establishing itself at a surprisingly slow pace.” According to Beckert, the Industrial Revolution was therefore not the beginning, but a subsequent outcome of this development.

Sven Beckert discussed the theses of his book with Thomas Steiner (Badische Zeitung), Jürgen Osterhammel (FRIAS Distinguished Fellow), Werner Frick (Studium Generale), and Matthias Leanza (University of Basel) (from left to right).

Speaking from the perspective of a science journalist, Thomas Steiner particularly praised Beckert’s ability to illustrate global structures through local stories, individual families, or products. Despite its scholarly foundation, he noted that the book is highly readable. As a drawback, Steiner cited the book’s enormous length and expressed a wish for more personal testimonies from those directly affected at times.

Matthias Leanza highlighted, among other things, Beckert’s concept of various “isles of capitalism”: centers of trade and production that were interconnected through contacts, migration, violence, and imperial expansion. At the same time, he asked whether this “relational model” also explains the later spread of industrial capitalism. From the 19th century onward, one might perhaps speak more in terms of diffusion—that is, the spread of technologies and organizational forms initially developed in England. Furthermore, greater account would need to be taken of the various state structures.

“The book doesn’t sweat”

Global historian Jürgen Osterhammel began his tribute with an unusual compliment: “The book doesn’t sweat.” Nothing is superfluous, he noted; the examples are not included in the text for their own sake, but always serve to advance the historical argument. He highlighted as a particular achievement the fact that Beckert reconciles the “provincialization of Europe” with an acknowledgment of its temporary historical significance. The emergence of capitalism must be explained in global terms. At the same time, Europe had indeed been a powerful center of industrial, political, and military development during certain historical phases. A global history should not artificially deny this historical centrality.

As a reading recommendation, Osterhammel suggested reading the book from back to front. The chapter on postcolonial capitalism, in particular, opens one’s perspective on the present and casts earlier developments in a new light.