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14 min 58 sec
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PostCapitalism: A Guide to Our Future

Explains why today's economy keeps lurching from debt crisis to debt crisis, why free digital goods clash with markets built on scarcity, and what governments could do to guide a slow move beyond capitalism.

Table of Content

If crashes, bailouts and flat pay leave you sure the economy is broken but unsure why, Paul Mason offers a diagnosis and a direction. In PostCapitalism, the former economics editor of BBC Newsnight and Channel 4 News starts from something as ordinary as a song file. An ebook or an MP3 costs almost nothing to copy and pass on, and that simple fact strains an economy whose prices depend on things being scarce.

Mason sees this as one of four forces pulling today’s capitalism apart, along with printed money, household debt and the trade gaps between nations. His throughline is bold. The system is reaching the limit of its ability to adapt, and a long, collaborative shift beyond it has already begun, one that governments could choose to guide. Follow his argument and the next bailout, the next free app and the next debate about a basic income start to fit into a single picture.

Central banks can create money from nothing to stop a panic, and households borrow to cover wages that never rose. Both feel like relief at the time. Mason explains why that relief has a cost that arrives years later.

Import and export figures sound like the dullest numbers in the news. Mason treats them as an early warning system, and the country he uses to prove it paid for the lesson with thousands of lost homes.

A Soviet economist was executed for claiming capitalism survives its crises by changing shape. Later economists built on his wave theory, and many count four cycles since 1790, yet Mason sees a break in the pattern that should worry anyone counting on the next boom.

A song on iTunes can be sold endlessly and copied just as endlessly. Wikipedia earns nothing and belongs to no one, yet millions rely on it. Mason argues these ordinary facts reach the foundations of the market.

Market theory says anything available for free should be worth nothing, which insults everyone who makes digital work. Mason finds a better yardstick in an old thinker, then explains where that same thinker got the future badly wrong.

Europe has replaced one economic system with another before, and four great shocks were needed to do it. Mason compares that change with today’s pressures and explains why nobody alive should expect a clean break.

If the old system is fading anyway, should governments simply wait? Mason sets out a concrete agenda, from tax rules and public ownership to a payment for every adult, and imagines what people might build with the time it frees.

Mason’s book is, in the end, an argument about what money can and cannot measure. Printed euros, mortgages and trade deficits keep alive a system that no longer pays its own way. Meanwhile Wikipedia, built by millions of unpaid contributors, produces something of great value with no owner and no profit. Between those two pictures sits his claim. Capitalism has adapted for two centuries, but information that copies itself for free, together with a warming planet, migration and aging societies, is pushing it past the point where adapting still works.

None of this will be quick. Feudalism took centuries to give way, and Mason expects the next change to be just as slow and uneven. That makes it something to understand and to influence, rather than simply wait for.

Start by noticing which parts of your working life depend on scarcity and which depend on copying and collaboration. Read every bailout as a loan that someone will have to repay. And when politicians talk about the future of work, hold them to Mason’s questions about public services, monopolies and a basic income. In his telling, the economy that comes after capitalism is already being written, one shared edit at a time.

About this book

What is this book about?

Wages stall, debts grow and every rescue seems to set up the next crash. Paul Mason, a former economics editor for British television news, argues that these are signs of a system reaching its limits. In his view, neoliberal capitalism is failing for four reasons. States print money, households borrow to make up for flat wages, trade gaps push whole countries into debt, and information goods now cost almost nothing to copy. Mason places this moment in the long view of economic history. Drawing on Nikolai Kondratieff's theory of 50-year waves, he suggests that the expected next upswing has stalled. He turns to Karl Marx's labor theory to explain what a free song or a Wikipedia article is really worth, while rejecting Marx's faith in the working class. The fall of feudalism, he notes, took centuries, and he expects the next transition to be just as slow. Readers get a clear explanation of why the economy feels broken, a framework for reading financial and technology news, and a concrete policy agenda for the transition. That agenda runs from tax incentives for collaborative production to breaking up monopolies and introducing a basic income.

Book Information

Rating:

Genre:

Economics, Technology & the Future

Topics:

Economic History, Future of Work, Internet & Society, Macroeconomics

Publisher:

Macmillan

Language:

English

Narrator:

Emily

First published:

July 30, 2015

Pages:

340

Length:

14 min 58 sec

Get the book:

Amazon

Who it's for

  • Professionals questioning the economy

    Professionals who sense the economy is broken after 2008 and want a clear explanation of why.

  • Creating easily copied products

    Workers in software, media and publishing whose products are easy to copy and hard to price.

  • Following big policy debates

    Readers following debates on basic income, privatization and climate policy who want a big-picture framework.

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About the Author

Paul Mason

Paul Mason, born in 1960 in Leigh, Lancashire, started in business journalism at Reed Elsevier. He became economics editor of BBC Newsnight and later of Channel 4 News, and he reported on television on the 2008 global financial crisis and the Greek fiscal crisis. Since leaving Channel 4 in 2016 he has combined writing with political research and activism, and he writes a weekly column for The New European. In 2020 he received the Erich Fromm Prize for his work against fascism and for humanism.

Ratings & Reviews

Ratings at a glance

3.9

Overall score based on 122 ratings.

What people think

Listeners describe the work as deeply researched and intellectually stimulating, while one individual highlights its presentation of a lucid historical background. Furthermore, the caliber of the writing is well-regarded, and listeners view the experience as a valuable use of their time. On the other hand, opinions vary regarding the clarity and length of the core arguments, as one listener characterizes the material as a demanding read.

Top reviews

Julian

Paul Mason manages to make complex economic cycles feel incredibly urgent and accessible. His journalistic background really shines through here, transforming what could have been a dry academic slog into a narrative that flows with surprising speed. I was particularly fascinated by his deep dive into Kondratieff waves and how they explain our current stagnation. He argues that the information economy, with its zero marginal costs, is fundamentally at odds with traditional capitalism. While some might find the heavy reliance on Marx’s Grundrisse a bit much, it provides a solid theoretical backbone for his claims. It’s a bold, optimistic look at how technology like Wikipedia and open-source software might be the seeds of a new world. Even if you don't agree with every conclusion, the historical context provided is worth the price of admission alone. Truly thought-provoking stuff.

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Riley

Wow, I didn't expect a book about economics to be this readable. Paul Mason has a knack for taking big, scary concepts like 'demographic timebombs' and 'climate catastrophe' and weaving them into a coherent narrative. He doesn't just complain about the status quo; he analyzes the structural weaknesses of the free market with the precision of a surgeon. The way he describes information as a 'virus' that is currently eating capitalism from the inside is a total game-changer for me. It explains why copyright battles feel so futile in the age of digital piracy. This book is a must-read for anyone who feels like the current economic model is reaching its breaking point. It’s bold, it’s controversial, and it will definitely change the way you look at your smartphone.

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Tong

This is a rare left-wing perspective that doesn't just wallow in despair. Instead of mourning the death of the old working class, Mason celebrates the rise of the 'networked individual.' He suggests that the very tools used to exploit us—social media, big data, constant connectivity—are the keys to our eventual escape. I loved the way he tied together the Black Death, the printing press, and the modern web to show how transitions between economic systems actually happen. It's a huge, sprawling, ambitious book that covers everything from international debt to the history of the steam engine. While it’s a bit of a challenging read, the payoff is immense. It gave me a sense of hope that I haven't felt in a long time. Highly recommended.

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Oat

Picked this up because I wanted a deeper understanding of why the current system feels so broken. Mason’s core argument about the 'information revolution' is brilliant. He explains how digital goods—which cost almost nothing to reproduce—shatter the traditional relationship between supply and demand. This creates a massive contradiction that neoliberalism simply cannot resolve. To be fair, the book is quite a challenging read in places, especially when he starts stitching together disparate theories from the last two hundred years. You have to be prepared for some dense paragraphs. However, his writing style remains engagingly journalistic throughout, which helps pull you through the more theoretical chapters. It’s the first time I’ve seen a writer effectively use Marx to talk about the Internet of Things. Definitely a book that demands your full attention.

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Mingkwan

After hearing so much buzz about the 'collaborative commons,' I finally dove into Mason’s take. It’s a refreshing change of pace from the typical doom-and-gloom leftist literature. Mason is a rare optimist who sees automation and big data not as threats, but as tools for liberation. He argues that we are currently in a 'stalled' fifth wave of innovation because the old capitalist structures are desperately trying to monetize things that should be free. I loved the examples of Linux and Wikipedia as proof that people will work for the common good without a profit motive. However, the transition he describes seems a bit too easy, almost inevitable, which feels naive given the power of modern monopolies. Still, his critique of neoliberal ideology is biting and accurate. It’s a well-researched piece of work that actually dares to imagine something better.

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Yanin

Ever wonder why digital goods are so hard to price? This book provides the most satisfying answer I’ve found yet. Mason explores the 'zero marginal cost' phenomenon in a way that makes perfect sense. If it costs nothing to copy a song or a design, why are we still paying for them? He argues that we are living through a slow-motion collapse of the price mechanism itself. I found the section on the 'Internet of Things' particularly interesting, even if Mason himself seems a bit skeptical of the hype. The book can be a bit meandering, and I wish he’d spent more time on the role of the state in managing this transition. Nevertheless, it’s a deeply researched and important contribution to the conversation about our collective survival.

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Jib

Not what I expected, as it leans much more heavily into Marxist theory than the marketing suggests. I appreciate the effort Mason puts into refuting the 'End of History' narrative, but the prose can be incredibly dense at times. One minute he's talking about the 24-hour news cycle, and the next he's deep into the labor theory of value. It feels like he’s trying to do too much in 400 pages. My biggest gripe is the relative omission of democracy; he touches on the state withering away but ignores how we actually make collective decisions in this new collaborative utopia. The chapter on Kondratieff waves was a highlight, though, and it really helped me visualize the long-term patterns of capitalism. It’s a solid 3-star read—great for the ideas it sparks, but let down by its occasional lack of clarity.

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Isaiah

Look, the historical analysis here is absolutely top-notch, but the 'Postcapitalism' part of the book feels like a leap of faith. Mason does a great job explaining how we got to this point of extreme inequality and stagnant wages. He tracks the shift from industrial production to financialization with incredible detail. But when he starts talking about the future, the rigors of his historical work seem to evaporate into vague generalities. He envisions a world of basic income and shared information, yet he brushes over the resistance we’d see from the likes of Amazon or Google. Is access to information really enough to dismantle global power structures? I have my doubts. It’s a thought-provoking read, and the writing is high-quality, but it feels more like a dream than a blueprint.

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Pan

To be fair, Mason is asking all the right questions, even if he doesn't have the blueprints. I appreciated the deep dive into the 1970s 'profit squeeze' and the rise of neoliberalism as a response to it. It’s a fantastic history lesson. However, as the book progressed, I found myself wanting more concrete policy proposals. He talks about 'socializing finance' and 'green energy' but keeps things at a very high level. The prose is engagingly journalistic, which is a plus, but the lack of academic rigour in the final chapters is noticeable. It’s a good starting point for a discussion, but it’s certainly not the final word on what comes next. If you're looking for a clear-cut guide on how to change the world tomorrow, you might be disappointed.

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Om

The subtitle 'A Guide to Our Future' feels like a bit of a bait-and-switch when you actually get into the weeds of the text. Frankly, Mason spends way too much time looking in the rearview mirror, rehashing 19th-century labor history and Soviet economists like Bogdanov. While the historical analysis is well-researched, the actual 'guide' part of the book is frustratingly vague and underdeveloped. He posits that collaborative networks will naturally replace market hierarchies, but he never explains the transition mechanics. How do we actually pay for the 'free stuff' while we're still stuck in the current system? There is a glaring lack of attention paid to Western imperialism as well. It’s an interesting intellectual exercise, but as a practical roadmap, it falls completely flat. I left feeling more confused about the 'how' than when I started.

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Questions about this book

Mason argues that neoliberal capitalism is failing for four reasons: fiat money, financialization, global trade imbalances and information technology. Information goods such as ebooks and songs can be copied almost for free, which undermines markets built on scarcity. Combined with climate change, aging populations, energy depletion and migration, these pressures will push societies toward postcapitalism over a long period, and states can help guide that shift.

Supply and demand depend on scarcity, since a physical product’s value comes partly from how limited it is. Information goods cost almost nothing to copy and share, so their supply is effectively unlimited. Mason points to Wikipedia, with more than 24 million registered users, which is free, makes no profit and has no owner. In his view, an economy of free goods without property rights cannot be capitalist.

Mason uses Marx’s labor theory to explain what information goods are worth. Value comes from the average labor time needed to make something, so an ebook or a song is finished labor whose worth reflects the effort behind it. But Mason thinks Marx was wrong about the working class. After 200 years, the proletariat has never seriously threatened capitalism. Today’s challengers are protesters in city squares, financial districts and at fracking sites.

Mason suggests states reshape markets with tax incentives for things like solar panels, non-profits and collaborative production, and that they simplify the creation of jobs paying a living wage. He would halt privatization of health, education and transport, break up monopolies into public ownership, and tackle government debt. His boldest idea is an unconditional basic income for working-age adults, funded by taxes and replacing unemployment benefits.

No. Mason compares today’s situation with the end of feudalism, which had four main causes: famines, the growth of banking, the printing press and the conquest of the Americas. Even so, that change took several hundred years. He expects the move to postcapitalism to be similarly long and at times rough, driven by information technology alongside climate change, energy depletion, aging populations and migration.

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PostCapitalism

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