MOTHER OF CAPITAL: How Rent Gave Birth to Modernity, necessary reading

MOTHER OF CAPITAL: How Rent Gave Birth to Modernity
MATTHEW COSTA
Pluto Press (non-affiliate Bookshop.org link)
$31.00 ebook, available now

Rating: 4.5* of five, because of the learning curve involved

The Publisher Says: Rent, or unearned income, is a pervasive concept in contemporary economics. Economists of all stripes see today’s global economy as riddled with harmful rents, but most deny these are intrinsic to capitalism, and insist they can be eliminated with the right policies. It begs the question, why is rent theory so critical of the present but so optimistic about the future?

In Mother of Capital, Matthew Costa delves into the intellectual and social history of rent to solve this puzzle. Centring rent as the engine of capitalism’s historical emergence in medieval Europe, he offers a groundbreaking, systematic history of rent and rent theory. The book also traces the history of resistance to rent from below, and unearths a neglected body of critical rent theory.

Weaving complex strands of social and intellectual history into a vivid, lively, and original explanation of how the society we live in came to be, Costa makes a bold intervention into contemporary debates about the origins and future of capitalism, the nature of social change, and of history itself.

Matthew Costa is an Australian political economist. He has been a sessional lecturer and honorary associate in the Department of Political Economy at the University of Sydney. He is currently a Director at New South Wales Treasury, and was previously an economic policy advisor in Australia’s Department of the Prime Minister and Cabinet.

I RECEIVED A DRC FROM THE PUBLISHER VIA EDELWEISS+. THANK YOU.

My Review: If you're willing to put in the work, this is a good way to understand how capitalism got organized around the concept of extraction. Author Costa is an academic. It shows. You'll need your dictionary handy. The concepts he's explaining in these sophisticated words are, once you've familiarized yourself with the vocabulary, strikingly simple to assimilate. The end result of the read is to make available to the reader a different, probably new, angle of viewing and interpreting the modern world.

Ideological principles that go unchallenged in spite of their deleterious effects on humanity appear in stark relief when this angle of viewing is assumed. It is an angle I encourage you to investigate for yourself...don't trust me, or anyone else, to give you from On High the One True Vision of the world. Acquire a bit of knowledge from a lot of sources. This source is one whose angle of view you won't find in the huge mass of economic-discussion sources in the mainstream. Once you get your head around the light this book sheds on the system we all live within, you will understand why.

It's worth making the effort. It *is* an effort. I encourage you to fight the innerer Schweinehund, get off your mental pillow, and learn something new as painlessly as is possible. The value of the perspective this book offers you on the world as it is can't be overstated.

COMMON SENSE ECONOMICS: What Everyone Should Know About Wealth and Prosperity, everyone should know but not believe this is Received Truth

COMMON SENSE ECONOMICS: What Everyone Should Know About Wealth and Prosperity
VARIOUS AUTHORS
St. Martin's Press
$30.00 hardcover, available now

Rating: 3.5* of five

The Publisher Says: The fully revised and updated fourth edition of the classic Common Sense Economics.

As the global economy recovers from the COVID-19 pandemic and debates over the future of work challenge our long-held preconceptions about what careers and the market can be, learning the basics of economics has never been more essential. Principles such as gains from trade, the role of profit and loss, and the secondary effects of government spending, taxes, and borrowing risk continue to be critically important to the way America's economy functions, and critically important to understand for those hoping to further their professional lives—even their personal lives.

Common Sense Economics discusses these key points and theories and more, using them to show how any reader can make wiser personal choices and form more informed positions on policy. Now in its fourth edition, this classic from James D. Gwartney, Jane S. Stroup, Dwight R. Lee, and Tawni H. Ferrarini has been fully updated to include commentary on the effects of the pandemic on the global economy and the workplace; it offers insight into political processes and the many ways in which economics informs policy, illuminating our world and what might be done to make it better.

I RECEIVED A DRC FROM THE PUBLISHER VIA NETGALLEY. THANK YOU.

My Review: Not entertaining, not as dry as a textbook either. Densely packed tendentious freemarketeering with a curious blind spot to how its own examples undermine its Hayek-lite assumptions about how the economy (as though that was one readily definable, easy-to-encompass in words, entity) works and should work. I think any book that trumpets a viewpoint, eg "low taxes good" here, should be honest enough to mark this out as editorializing. More especially since their own chosen examples of, eg, businesses seeking tariffs on imported goods to protect their market share presented without the expected free-trader's opprobrium, sorta gives the lie to the book's claims to being "commonsense" since this violates their own oft-reinforced (I fought myself hard to strive for neutrality I do not feel by changing the word from the judgmental but truthful "repeated") statements supporting "low taxes good."

The revisions undertaken post-COVID really ought honestly to have been labeled "post-China falling from favor." As a policy guide, not recommended, then. But for an economics explainer of how neoliberal economics wants you to think it works...modern research undermines the existence of the core neoliberal concept of "rational actors"...it's solid and as easy as it can get. All my stars for that useful quality.

Stay skeptical, then, and remember any time someone wants you to think a system is infallible, or "self-correcting," or "maximizing efficiency," they're not just factually incorrect but wrong. Plus almost guaranteed to be manipulating you for their own (however broad a definition of "their" you care to apply) benefit.