Freedom or power? What does capitalism symbolise for you? Markets may seem like the best examples of economic freedom if you are looking for voluntary exchanges, but the most unfair way of allocating resources if you are paying attention to bargaining power. Private property may look like the legal foundation of individual freedom, or the arbitrary power to withhold resources. When we argue about the justices and injustices of capitalism, it matters what we are looking for.

In this incisive introduction to normative political economy, Patrick Cockburn illustrates how our most fundamental disagreements about economic justice are shaped by our choices about which social facts to investigate and which to ignore. Taking a holistic view of political economy, Two Stories About Capitalism is based on a rich and realistic understanding of how our lives are embedded in and shaped by economic and social institutions. Cockburn combines insights from political philosophy, economic sociology and anthropology, and historical and legal studies to provide a refreshing framework for understanding capitalism today.

This is an essential guide for students who bring diverse skills and interests to the study of capitalism and justice.

Patrick J. L. Cockburn is Senior Lecturer in Philosophy and Political Economy at Swansea University. His research focuses on problems of economic power and justice in capitalist societies. He has published work on economic dependence, property conflicts, the family, and the methodology of political theory.