This work is licensed under a Creative Commons Attribution 4.0 International License, except where copyright is otherwise reserved. These same scholars have made a habit of accusing their opponents of neglecting their own claimed insights to the history of slavery… Economist Stanley Engerman pointed out as much in his review of the NHC genre. Telephone: 1-888-528-1216 | Fax: 1-413-528-0103, Press and other media outlets contact He does not fully engage at all in what should be of major interest to him, the last decades of works concerning economic aspects of the slave economy by scholars such as Gavin Wright (2006), Roger Ransom and Richard Sutch (1977), and Claudia Goldin (1976), not to say Robert Fogel (1989) and Fogel and Engerman (1974), whose work is both drawn upon and harshly criticized elsewhere. Capitalism 2.0. Abstract The new history of capitalism (NHC) places a great deal of emphasis on slavery as a crucial world institution. At the same time however, the NHC literature has come under intense criticism from economic historians who have long studied the same subject, and who question both its use of evidence and its conclusions. Today, debate continues to rage about the advantages and disadvantages of capitalism and its counter, socialism. To borrow a little terminology from the critical theory-infused epistemology that this same school of historians often draws upon, it would appear that the New History of Capitalism has a “whiteness” problem. While a historian’s race (or gender or age) should not be used to determine the quality of his or her work, the deployment of this form of argument against the 1619 Project’s critics betrays a bizarre lack of self-awareness on the part of the NHC crowd. These same scholars have made a habit of accusing their opponents of neglecting their own claimed insights to the history of slavery. My new project, Keywords for the Age of Austerity, is an evolving online work of historical etymology and cultural criticism. Thus do we arrive at the unenviable position where scholars in the NHC genre are guilty of the very same faults that they invoke to dismiss critics of the 1619 Project. Usually referred to as the “New History of Capitalism” (NHC), this school has produced a sizable body of research contending that the institution of slavery was a central building block of American capitalism. And his review of ten recent books, including Edward Baptist’s The Half Has Never Been Told and Sven Beckert’s Empire of Cotton: A Global History , is not as dismissive as those of other mainstream economists, such as Alan L. … Non-NHC scholars who come from Williams’ school of thought, as well as traditional Marxists in general, are none too pleased at the “new” historians’ appropriation. Nor are economic historians the only folks leveling the criticism. His 1944 book Capitalism and Slavery is often invoked as a forerunner to today’s NHC scholarship, though incorrectly so. Phil Magness is a Senior Research Fellow at the American Institute for Economic Research. Usually referred to as the “New History of Capitalism” (NHC), this school has produced a sizable body of research contending that the institution of slavery was a central building block of American capitalism. Economists bear some of the blame for this outcome, particularly as it applies to the high barriers imposed by the econometric techniques at the heart of their work. It is therefore dismaying, although not surprising, to see McPherson, Wood, and Oakes being met with dismissive derision by many of the 1619 Project’s defenders. For example, Oakes accuses 1619 Project editor Nikole Hannah-Jones of overstating Abraham Lincoln’s support for the colonization of slaves abroad (echoing a line McPherson has also used in his other works by downplaying Lincoln’s commitment to this policy). They in no way deny the violent brutality of slavery. We can see how by looking at Desmond’s own article. But the trio of scholars also offer significantly harsher assessments of the Times’ initiative on the whole. Baptist’s silence includes a failure to correct or even address a major statistical error in his work, despite its continued repetition by other scholars and journalists. During these times, some discovered that the way to gain wealth was to create factories to mass produce goods. Over the 1619 project ranges from expressing disagreement with the principles of capitalism, newly. Paper presents a critical survey of ten books from the history of capitalism and its counter socialism! 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