Abstract

Santhi Hejeebu and Deirdre McCloskey's rebuttal to Karl Polanyi's Great Transformation begs several important questions. Yes, commerce can be found throughout human history—but is that the same as saying that people have been equally capitalistic at all times? If not, then how did modern capitalism come into being? Hejeebu and McCloskey portray capitalism as having evolved gradually, indeed quite naturally, rather than being a contingent product of politics. Not inconsistently, Hejeebu and McCloskey radically distinguish between what people “think” and what they “do"—that is, between their ideas and their actions. This distinction, too, suggests that human action is ahistorically capitalistic—whatever human agents at different times and places might think.