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Following the upheavals of the first half of the twentieth century, Karl Polanyi indicted the British capitalist class as having “no organ to sense the dangers involved” in their social arrangements, and that the “all but sacramental belief in the universal benefice” of their own profits “disqualified them as the keepers of other interests...vital to a good life” (1944: 139). In his masterful new book, First-Class Passengers on a Sinking Ship, Richard Lachmann shows us that, far from being unique to the period of British denouement, the destructive pursuit of such narrow self-interest by elites has repeatedly caused the decline of great powers throughout historical capitalism. Through a rigorous analysis of modern empires and world hegemons, Lachmann argues that the rise and, especially, the fall of great powers can only be understood through the interests, conflicts, and compromises of elites. A brilliant synthesis in the styles of Giovanni Arrighi and C. Wright Mills, First-Class Passengers on a Sinking Ship is an instant classic of the world-systems and comparative historical canons.

Review Of: First-Class Passengers on a Sinking Ship: Elite Politics and the Decline of Great Powers