What to read to understand the history of Western capitalism

It is easy to be swept up in news about the economy, especially these days. In 2020 the world saw the biggest economic contraction since the Great Depression; today we are dealing with the highest inflation since the 1980s. People rarely have time to think about the very biggest questions in economics. Why did the industrial revolution begin in the 18th century—and why in western Europe? Why do so many countries remain poor when some are fabulously rich? And what is work like today compared with the past? All the issues improve your understanding of the news. For the answers, you need to turn to economic history. Here are five resources to help you understand why we are where we are.

The Worldly Philosophers. By Robert Heilbroner. Touchstone; 368 pages; $18.99. Simon & Schuster; £8.99