Book Review of Man's Worldly Goods by Leo Huberman

Book Review of Man's Worldly Goods, 1936

Man's worldly goods, The story of the wealth of nations by Leo Huberman, 1936.

Book review is classified in two parts:

1. From feudalism to capitalism
Leo Huberman's work, "Man's Worldly Goods," provides an insightful historical analysis of the evolution of economic systems, particularly the transition from feudalism to capitalism. Feudalism, originating in medieval Europe, was defined by a hierarchical structure where land served as the primary source of wealth, and social obligations governed relationships between lords and vassals. This system was characterized by agricultural self-sufficiency, limited trade, and a decentralized political authority, with peasants predominantly engaged in local production.
The advent of capitalism during the late medieval and early modern periods marked a profound transformation in economic, political, and social paradigms. Huberman outlines the emergence of a market-driven economy, where production for exchange gained prominence. Notably, the enclosure movement displaced peasants from communal lands, contributing to the rise of a wage labourer class. Capitalism introduced private ownership of the means of production, fostering a dynamic where individuals pursued profit through market transactions. The subsequent influences of mercantilism and industrialization further propelled the ascendancy of capitalism, leading to the emergence of a bourgeoisie class and the decline of feudal institutions.
In the realm of politics, feudalism relied on a decentralized power structure with localized authority. In contrast, capitalism witnessed the rise of centralized nation-states and the establishment of legal frameworks conducive to private property and contractual agreements. The economic shift significantly impacted political ideologies, giving rise to concepts such as liberalism and the advocacy for individual rights. The transition from feudalism to capitalism was not devoid of social upheavals, evident in events like the enclosure movement, the Industrial Revolution, and the rise of the proletariat.
Economically, capitalism introduced the market as a driving force, fostering competition and innovation. The expansion of trade and the development of banking institutions played pivotal roles in facilitating economic growth. Huberman's analysis underscores the intricate interplay of economic, political, and social factors during this transition. Capitalism's ascendancy represented a departure from the traditional agrarian society of feudalism, emphasizing the significance of markets, private property, and the burgeoning capitalist class.
In summary, Huberman's exploration of the transition from feudalism to capitalism in "Man's Worldly Goods" offers a nuanced understanding of the historical, economic, and political factors that shaped these systems. The evolution from a land-based, hierarchical society to one defined by market-driven forces and centralized political structures signifies a pivotal shift in human history, with far-reaching implications for the development of modern societies.
Historical context and narration – Instead of just using the purely theoretical or abstract analysis, he has used historical examples to explain the economic shift, easy for those who are not necessarily economist or historians such as a case study from the record of an English court of justice 1279 roger of St. German hold a messuage from Robert of Belford on the service of paying 3d (pence) to the aforesaid Robert from whom he holds and then to over lord and so on and later to the king which holds the almost every piece of land that was king of England.
Emphasis on human experience – He explains how the everyday people affected by the transition by giving example of female heirs had to get the overload's consent to their marriage in 1221 the countess of Nevers acknowledged the fact "I Matilda the countess of Nevers make known to all who shall see this present letter, that I have sworn upon the sacred gospels to my dearest lord, Philip that I will do him good and faithful service against all living men and women, and that I will not marry except his will and grace".
If a widow wanted to remarry, a fine had to be paid to her over lord.
Huberman argues that the transition from feudalism to capitalism is inevitable and his analysis is not meant for the analysis of the transition in Europe of that time but also analysis of transition is relevant today.

      2.   From capitalism to ?
Huberman primarily delves into the transition from feudalism to capitalism, offering insights that extend beyond this shift. Huberman's analysis posits capitalism as a dynamic system characterized by perpetual change. The book implies that inherent contradictions and challenges within capitalism lead to diverse social, economic, and political transformations. These transformations encompass alterations in the balance of power among classes, changes in production and technology, and the emergence of novel social and economic structures. While Huberman refrains from explicitly outlining a specific successor to capitalism, his work encourages readers to reflect on the continuously evolving nature of economic systems and the potential trajectories societies may undertake. The narrative fosters an exploration of possibilities beyond capitalism, recognizing the intricate and multifaceted nature of historical transitions.
Huberman offers valuable insights into the historical evolution of economic systems, particularly the potential transition from capitalism to socialism. While Huberman doesn't explicitly detail this shift, he provides a foundational understanding of the socio-economic conditions that might contribute to such a transformation.
According to Huberman's analysis, capitalism is characterized by private ownership of the means of production, profit-driven enterprises, and market-oriented economies. However, he acknowledges inherent contradictions within capitalism, including the exploitation of labor, economic inequalities, and periodic crises, which could sow the seeds of social discontent.
The move from capitalism to socialism is a nuanced process influenced by diverse factors. Economic crises and social movements advocating for workers' rights, as highlighted by Huberman, may catalyse a revaluation of the existing system. Huberman's examination of historical shifts might identify instances where socialist ideologies gained prominence as alternatives to perceived shortcomings within capitalism. Socialism, as a socio-economic system, involves collective or state ownership of the means of production, aiming for a more equitable distribution of wealth and resources. The transition often entails a reorganization of economic structures, emphasizing planned economies and social welfare programs. Huberman's historical perspective could shed light on instances where socialist movements sought to address the inherent inequalities of capitalist systems.
In the political realm, this transition might signify a shift from a predominantly individualistic and market-driven society to a more collectively-oriented and centrally planned governance structure. Huberman's analysis might delve into how the political landscape adapts to accommodate the evolving economic paradigm, potentially exploring shifts in power dynamics and the role of the state in economic planning.
It's crucial to note that Huberman's work doesn't offer a step-by-step guide to the transition from capitalism to socialism. Instead, it provides a framework for understanding the socio-economic conditions and historical contexts that may contribute to such shifts. According to Huberman's perspective, the move towards socialism represents a complex interplay of economic, political, and social forces, driven by the quest for a more just and equitable society in response to the perceived limitations of capitalism.