A Global Storm in a Capitalist Teacup? Jeremy Adelman on Why There’s No Exit to the Market

“There’s no exit in capitalism.” — Jeremy Adelman

 

Is that ongoing quarrel of modern politics, the battle over capitalism, just a storm in a teacup? Economic historian Jeremy Adelman thinks it might be. In The Capitalist Era, Adelman argues that all camps — left and right, Keynesian and Hayekian, socialist and libertarian — accept the unavoidability of global capitalism. There is no alternative, as Mrs Thatcher used to annoyingly say. Although Adelman, certainly no Thatcherite, isn’t celebrating the apparent inevitability of our capitalist epoch.

 

What interests Adelman is the making and unmaking of what he calls the “global mind.” The revolutionary quality of capitalism, he says, is that we now think of strangers as somehow part of our community. So when Adam Smith, the moral philosopher father of economics, drank his Chinese tea while reading of a deadly earthquake in China, he recognized that capitalism inevitably entangled our moral thoughts with our self-interest.

 

It wasn’t just economists who began to think differently of strangers. Artists as varied as Picasso, Joseph Conrad, and the photography-obsessed Émile Zola all made this moral inquiry of strangers the heart of their work. Yes, Adelman is probably right to say there’s no capitalist off-ramp in our post-global economy. But capitalism’s octopus-like “global mind” and its (mis)treatment of strangers should turn all economists into moral philosophers and all artists into observers of economics.

 

Five Takeaways

 

•       The Mind, Not the Material. Against Sven Beckert’s material history (which Adelman admired and reviewed in Foreign Affairs), The Capitalist Era studies how we think about capitalism — because the thinking sets the policies, creates the attachments, fuels the wars, and builds the institutions. Capitalism, on his dating, is an eighteenth-century invention that dawns with Adam Smith’s “commercial society”: the first economic system to tie strangers across the whole planet into one interdependent web — global from the very start. Its founding text is a thought experiment: Smith’s gentleman of humanity, drinking Chinese tea while reading of a Chinese earthquake, asked whether he minds the deaths of thousands as much as the pain in his little finger. The marketplace entangles our moralities — and the question of whether sympathy can keep pace with self-interest has governed the global mind ever since.

•       No Exit in Capitalism. For or against? A fair question with a layered answer: we are all heirs to the Marxist tradition — inequality and exploitation are inherent to interdependence, and “the propensity to be predatory coexists with the propensity to be empathetic.” But the trap is real: “there’s no exit in capitalism” — leaving is so punitive that every socialist revolution has paid catastrophically, a logic Adelman calls part of “the awful cunning” of the Trump administration’s economic statecraft. Keynes versus Hayek? When Andrew suggested it amounted to a family squabble — a storm in a teacup — Adelman largely agreed: both camps accept that we live inside capitalism, arguing only over how to live interdependently. No exit, though, doesn’t mean no alternatives: the argument worth recovering — lost since the globalization of the 1980s was “dumped on us” — is which form of interdependence we actually want. Gramsci’s interregnum, the time for monsters, is exactly when that argument matters.

•       The Veil Between Strangers. The book’s gallery: not only philosophers but artists — Picasso, the poets, Borges (“I have a hard time writing any book without” him) — and above all photograph