István Hont, the Cosmopolitan Theory of Commercial Globalization, and Twenty-First-Century Capitalism

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This critical essay explores the work of István Hont. Members of the Cambridge school eschewed the term “capitalism” as an anachronistic description of the contexts that informed early modern politico-economic thought, preferring instead the ostensibly more neutral “commercial society.” But Hont's understanding of the latter was nevertheless quite present-minded and politically charged. Hont drove nineteenth- and twentieth-century economic theory back into eighteenth-century models, and his view of the economy that gave rise to them was informed by concerns in the 1980s and 1990s over the competitiveness of advanced capitalist nations in the face of low-cost insurgents such as China. More deliberate choices of recent economic theory can produce more accurate alternatives to the supposedly neutral “commercial society” depicted by Hont. World systems and dependency theory may help us to better understand the economic thought produced in and about the specifically capitalist world economy of the early modern period.