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)

Once we shift the intension of the concept of wage-labour from juridical attributes of negative ownership and contractual freedom to the actual performance of capital-positing labour, the extension of the concept – the cases that fall under it – changes as well. Once the concept of wage-labour is intensively re-defined as capital-positing labour, it becomes evident that the history and the geographical scope of wage-labour have not been well understood. This shift in the intension of the concept of wage-labour also (...) disjoins the association between capitalism and freedom. (shrink)