Book review: The Death of Capital, by Michael Lewitt

By Peter Nguyen

The book The Death of Capital, by Michael Lewitt, is worth reading if you wish to understand the 2008 financial crisis whose impact is felt even today.

A review of the book can be found here:

One insight I got from Lewitt is that that capital is both “money and commodity.”

In other words, it has “exchange value” as well as “use value.”

Lewitt also defines “capital” as being:

  • a Process
  • Unstable
  • Shape-shifting (it changes it forms, like a chameleon)
  • a construct of the Human mind

(The acronym P.U.S.H. will help you remember the above).

Although there’s no doubt his book is a very erudite one, he doesn’t explain capitalism or capital as well as the brilliant Peruvian economist Hernando de Soto in his little book The Mystery of Capital (I will write a review on it shortly).


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