The Stages in the Social History of Capitalism

In this thought‑provoking study the author turns his gaze to the people who have wielded capital throughout history, rather than to capital itself. He argues that each economic era has produced its own distinct class of entrepreneurs, who emerge, thrive, and eventually give way to a new generation when the prevailing conditions shift. By tracing these transformations from the early Middle Ages onward, he suggests that the evolution of capitalism resembles a staircase of abrupt jumps rather than a smooth, continuous climb.

The work blends careful historical detail with a bold hypothesis that challenges the idea of a single, unbroken capitalist lineage. Readers will find a clear, methodical presentation of evidence that highlights how new “capitalist” groups arise to meet ever‑changing demands, while their predecessors retreat into more passive, aristocratic roles. The book invites scholars and curious listeners alike to reconsider the very nature of economic change and the people who drive it.