The Price is Wrong:Why Capitalism Won't Save the Planet

There are few financial topics as deserving of more thorough examination than asset management and its myriad modern manifestations. What insiders often blandly call "non-bank financial institutions" are in reality the new powerhouses of modern capitalism. Brett Christophers ably shows that their dominion has increasingly extended from financial assets to "real" assets - the roads we drive, the water we drink, the homes where we live, and sometimes even the hospitals where we die. As Christophers points out, the broader societal consequences are significant.

Praise for Rentier Capitalism

Arguably one of this year’s most important books.

Empirically rich and theoretically astute, Rentier Capitalism offers a definitive account of a central feature of neoliberal capitalism: the resurgent power of unproductive assets. Spanning finance, housing, fossil fuels and the public sector out-sourcing racket, this will be a vital resource for anyone seeking to make sense of economic inequality and injustice in the UK and beyond.

Empirically rigorous and theoretically insightful, Rentier Capitalism is a fascinating contribution to the debate on the changing face of British capitalism. Christophers makes a clear and compelling case that the profits of some of the largest British corporations stem not from production itself, but from their ability to exploit their control over critical resources to extract economic rents.

Our economic present is supposed to be characterised by free markets, unleashed creative entrepreneurship, the free production and flow of knowledge, and the frictionless mobility of capital and production. Yet as Brett Christophers shows in this incisive and vital study, the supposedly long-dead rentier is the characteristic capitalist of our age, not the entrepreneur of neoliberal theory. Thinking beyond the clichés, and the standard statistical summaries of the economy, he shows that instead of entrepreneurs there are exploiters of ownership and control who underinvest in the future. The new rentiers are everywhere, passively piling up the returns accruing from investments, from land, from housing, monopolistic utilities, consumer credit, and the control of platforms, natural resources and long-term contracts.

In this eye-opening, wide-ranging, and pedagogical book, Brett Christophers reveals the outsized role that rents play in today's economy - from natural resources to intellectual property, from land to finance, from infrastructure to digital platforms. This is a must-read for anyone interested in understanding modern-day capitalism.

Brett Christophers' comprehensive study of the dominance of rent will change how we think about inequality. Contemporary capitalism relies more on controlling something valuable than it does on making something valuable. Rentier Capitalism is a brilliant and indispensable book.

If you want to understand the complexities of modern capitalism, there is no better place to start than Brett Christophers' ambitious new exploration of rentierism. Unique in examining this phenomenon across its multiple facets, Christophers' insightful analysis reveals the inner workings of rentier capitalism with grit and detail. This is essential reading for all serious students of political economy.

At last! For some years the great and the good have been muttering about the rentierisation of the economy, without really defining what they mean. What is rentier capitalism and what do we do about it? How did capitalism go from being all about ‘doing’ to all about 'having'? These are some of the most important questions we should be pondering in the coming years. And now, finally, we have a book that defines this crucial trend and provides a forensic analysis of it. An insightful, fascinating read.

To understand the inequalities of wealth and power that define contemporary capitalism, read this important book. Rentierism shapes every sphere of our shared lives, Christophers shows, from energy to real estate, aerospace to health care, and entertainment to Airbnb. Tracing the different way each sector is organized to compel payments to those who monopolize its key assets, the book explains how rent takes multiple forms. It is this variability that allows capitalism’s extraordinary profits—and inequalities—to be generated at every juncture.

An essential read for anyone thinking about what UK governments might need to do differently as the pandemic upends the economy, and people’s jobs, without doubt feeding an appetite for some significant change in the philosophy of public policy.

Praise for The New Enclosure

If you're interested in Britain, you must read this painstaking survey of land privatisation since the Thatcher era.

The detailed case for an English Land Commission, and the need for so many other new radical ideas not yet even first thought of. Why don’t we surround London and fill the Home Counties with National Parks where the landowner has to look after the footpaths and cycle paths and over which we all have a right to roam? The New Enclosure raises, but does not yet answer the question of from where the new commons will arise.

This book forcefully explains how land ownership matters today. The New Enclosure combines a systematic analysis of the role of land and landownership in capitalist society with a compelling critique of neoliberalism in Britain. Christophers demonstrates that recent decades have seen a massive transfer of public land into private control. He documents the overwhelmingly negative and unjust consequences of this new process of enclosure and demolishes the ideology of privatization upon which it is based. No one who cares about the politics of land can ignore this powerful argument.

British taxpayers have been robbed blind by the recent fire sale of 400 billion pounds of public land. Like Henry VIII's destruction of the monasteries, Thatcher's privatisation frenzy has led to the destruction of public assets unprecedented amongst leading economies, and to the enrichment of landowners and financiers. In this comprehensive and rigorously researched book, Brett Christophers opens up a field of study - public land - largely buried by academia, landowners and no doubt, by financiers. A must-read.

With his carefully crafted and meticulously researched study, he has made an essential contribution to our understanding of politics and government in modern Britain.

Eye-opening. Or perhaps jaw dropping. [The] subject is the privatization of publicly-owned land in Britain since the 1979 election of Margaret Thatcher. Christophers, a professor of economic geography at the University of Uppsala is a consistently interesting thinker.