Crypto-Capitalism - by Hadas Thier (Hardcover)

Book Synopsis

From the author of A People's Guide to Capitalism, a clear-eyed look at cryptocurrencies from the left, cutting through the glitz and the scams to reveal how crypto mirrors and exacerbates the crises of capitalism.

Cryptocurrencies have gone from being fringe investments relevant only to hardcore adherents to a $3.7 trillion industry with a direct line to Donald Trump's White House. The promises of crypto are wide-ranging, preying on a basic reality: people are disaffected by an economic and financial system that has excluded them and wonder if cryptocurrencies can offer a more transparent and inclusive alternative.

Challenge any of these notions, or raise concerns about crypto's associations with money laundering, the speculative bubbles ballooning around these assets, or the disastrous climate implications of the technology behind crypto, and you'll be told by proselytizers that you simply don't understand. That complexity is often intentional, serving as a shield from critical scrutiny.

Enter Crypto-Capitalism, Hadas Thier's deft, accessible examination of the rise and fall and rise again of crypto. Drawing on years of reporting on the industry, its insiders, and the ordinary people impacted by its wild peaks and busts, Thier explains how cryptocurrencies work, elucidates the context and implications of their rise, and debunks the utopian mythology that animates their boosters.

By showing that systemic exploitation and domination are inherent in a crisis-ridden capitalist economy and are matters of class power, not technology, Thier convincingly cuts through the froth and the lies of financial dystopia. Along the way, she opens up alternative avenues for imagining what economic democracy could actually look like.

Review Quotes

"When Marxist economics becomes usable by the people most threatened by capitalism--that is when it becomes great and dangerous. Hadas Thier's urgently needed book strips away jargon to make Marx's essential work accessible to today's diverse mass movements." --Sarah Leonard, editor-in-chief of Lux

"As the world descends into a financial and public health crisis, the savage inequalities of capitalism are being laid bare. Hadas Thier's new book A People's Guide to Capitalism, has arrived right on time to clearly explain why the poor and working class always bear the brunt of capitalism's crises. Erudite and sharp, Thier unpacks the mystery of capitalist inequality with lucid and accessible prose. As we all enter into a world of new realities, we will need books like A People's Guide to help us make sense of the root causes of the financial crises that shape so many of our struggles today." --Keeanga-Yamahtta Taylor, author of From #BlackLivesMatter to Black Liberation and Race for Profit: How Banks and the Real Estate Industry Undermined Black Homeownership

"Economists have every incentive to mystify their craft and to dress up their political judgments as scientific fact. Hadas Thier's A People's Guide to Capitalism is a thorough and accessible corrective, and sure to be an important primer for generations of activists." --Bhaskar Sunkara, founding editor of Jacobin

"A People's Guide to Capitalism is a breath of fresh air on the left. Avoiding the obscure jargon of economics, Hadas Thier provides a rich, accessible introduction to how capitalism works. Ranging from exploitation at work to the operations of modern finance, this book takes the reader through a fine-tuned introduction to Marx's analysis of the modern economy. Along the way, Thier combines theoretical explanation with contemporary examples to illuminate the inner workings of capitalism. In addition, A People's Guide to Capitalism reminds us of the urgent need for alternatives to a crisis-ridden system." --David McNally, Cullen Distinguished Professor of History and Business at the University of Houston

"Times of economic instability, pandemics, and rising fascism have people looking for understanding. Luckily, radical traditions offer helpful tools. Hadas Thier's book offers a brisk and manageable introduction to many of these ideas, and is unusually playful about it. A great book for proletarian chain-breaking." --Rob Larson, Economics professor and author of Bit Tyrants: The Political Economy of Silicon Valley

"It is not easy explaining relatively complex ideas in a simple and clear manner. Ask any teacher. It's a skill lacking in many. Hadas Thier has brilliantly succeeded in that challenge with her book introducing Marxist economics. She has delivered a clear, straightforward and entertaining explanation of all Marx's basic theoretical insights into the nature and development of capitalism. And she has done so using modern examples that help the reader to understand why Marxist political economy is so clinical in its analysis of the reality of modern capitalist economics. I would say no one has done it better." --Michael Roberts, author of The Long Depression: Marxism and the Global Crisis of Capitalism

"Thier's book is a valuable introduction to Marxist concepts which helps us to see how Marxism can be used to deepen our knowledge of capitalism, beyond the level of mere appearance." --Daniel Saunders, Bias Magazine

"A People's Guide to Capitalism is a tremendous contribution to the understanding of economics today...It will be very useful both to veteran Marxists and people new to the subject. Everyone interested in this topic, and indeed anyone interested in fundamentally changing the world, should read this book." --Steve Leigh, New Politics

About the Author

Hadas Thier is a journalist and an activist based in New York. She is the author of A People's Guide to Capitalism and writes for the Nation, Teen Vogue, Hammer & Hope, Jacobin, Dollars & Sense, and more.