Ellen Wood's study of the new imperialism represents the latest instance of her broader project of reconstituting a non-deterministic form of Marxism which is able both to explain the historical specificity of capitalism and to inform socialist political activity. This essay seeks to locate her analysis of imperialism both in the wider political context within which it was written and as an example of the fecundity of her re-interpretation of historical materialism. After outlining the main themes of Wood's 'political-Marxist' project, (...) I move on to overview the thesis of her book Empire of Capital before finally pointing to the main themes of the ensuing debate. (shrink)

This introduction presents the symposium on Sam Knafo and Benno Teschke’s article in Historical Materialism, ‘Political Marxism and the Rules of Reproduction of Capitalism: A Historicist Critique’ (2021). It briefly summarises the foundations of Political Marxism, discusses the broader implications of the debate raised by Knafo and Teschke for questions of collective knowledge-production and methods in Marxist historiography, and outlines the seven contributions of the symposium. The introduction concludes by tracing, through the evolution of debates in Political Marxism and the (...) contributions of its protagonists, some of the lineages of Marxist historiography as well as of the history of this journal. (shrink)

The theory of social-property relations, or political Marxism, has argued that in contradistinction with pre-capitalist forms of exploitation, capitalism is characterised by the separation of the economic and the political, which makes surplus appropriation under this system uniquely driven by economic coercion. In spite of political Marxism’s various strengths, this article argues that the paradigm puts forward an ahistorical and sanitised conception of capitalism typical of bourgeois economics, which is an outcome of its formal-abstractionist approach to the concept of the (...) mode of production and the separation between theory and history that it operates. A more satisfactory solution to political Marxism’s inability to make sense of past and present forms of coercion and violence under capitalism can be found in Jairus Banaji’s emphasis on Marx’s historical – rather than formal – conception of the mode of production. (shrink)