From Adam Smith’s defence of the power of self-interest to modern liberal defences of free trade, we typically associate the intellectual basis of capitalism and markets with Anglo-American thinkers. In doing so we neglect a powerful alternative tradition of German origin: teutocapitalism. In this brilliant work of intellectual reconstruction, Philipp Robinson Roessner looks at some of the classic questions of economic theory – how do countries grow rich? why do some nations develop whilst others remain poor? how do markets work? – through this unfamiliar – but powerful – lens. He shows how the ‘teutocapitalists’, with their distinctive emphasis on the morally, culturally and historically embedded nature of economic institutions, the importance of broad measures of public happiness, and a more production-focussed and pragmatic approach to economic statecraft, formulated an enduringly valuable alternative to British, American and French perspectives on economics. Roessner demonstrates how this tradition and its ideas represent a rich historical tool for deepening our contemporary economic understanding. No-one interested in economic history or modern debates about economic policy can afford to miss this highly original new book.
