William Kingston, How Capitalism Destroyed Itself: Technology Displaced by Financial Innovation
By Peter Senker
How Capitalism Destroyed Itself: Technology Displaced by Financial Innovation William Kingston (2020) 192pp., €34.00 paperback, Peter Lang International, Oxford, ISBN 978-1785367731
This second edition of Kingston’s How Capitalism Destroyed Itself is based on the assumption that during the twentieth century, and especially after the end of World War II, there was a fundamental shift in the focus of Western creative energy from technological innovation to financial innovation. But continuing financial innovation has always been central to the survival and prosperity of capi- talism. For example, from the seventeenth century onwards, money-lenders began to diversify into such banking activities as creating, discounting and swopping bills of exchange. Over time, banking played an ever-increasing role in international and national trade, continually innovating to meet the changing needs of property owners – first in the shape of merchant capitalists and subsequently as industrial capitalists.
page: 335 – 341
Prometheus: Critical Studies in Innovation
Volume 38, Issue 3