A dynamic social history of shadow capitalism spanning the late
nineteenth and twentieth centuries Observers see free markets, the
relentless pursuit of profit, and the unremitting drive to
commodify everything as capitalism's defining characteristics.
These most visible economic features, however, obscure a range of
other less evident, often unmeasured activities that occur on the
margins and in the concealed corners of the formal economy. The
range of practices in this large and diverse hidden realm
encompasses traders in recycled materials and the architects of
junk bonds and shadow banking. It includes the black and semi-licit
markets that allow wealthy elites to avoid taxes and the unmeasured
domestic and emotional labor of homemakers and home care workers.
By some estimates, the unmeasured economic activity that occurs
within the household, informal market, and underground economy
amounts to a substantial portion of all economic activity in the
world, as much as 30 percent in some countries. Capitalism's Hidden
Worlds sheds new light on this shadowy economic landscape by
reexamining how we think about the market. In particular, it
scrutinizes the missed connections between the official, visible
realm of exchange and the uncounted and invisible sectors that
border it. While some hidden markets emerged in opposition to the
formal economy, much of the obscured economy described in this
volume operates as the other side of the legitimate,
state-sanctioned marketplace. A variety of historical actors-from
fortune tellers and forgers to tax lawyers and black market
consumers-have constructed this unseen world in tandem with the
observable public world of transactions. Others, such as feminist
development economists and government regulators, have worked to
bring the darkened corners of the economy to light. The essays in
Capitalism's Hidden Worlds explore how the capitalist marketplace
sustains itself, how it acquires legitimacy and even prestige, and
how the marginalized and the dispossessed find ways to make ends
meet. Contributors: Bruce Baker, Eileen Boris, Eli Cook, Hannah
Frydman, James Hollis, Owen Hyman, Anna Kushkova, Christopher
McKenna, Kenneth Moure, Philip Scranton, Bryan Turo.
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