Theory as History brings together twelve essays by Jarius Banaji addressing the nature of modes of production, the forms of historical capitalism and the varieties of pre-capitalist modes of production. Problematic formulations concerning the relationship of social-property relations and the laws of motion of different modes of production and his notion of merchant and slave-holding capitalism undermines Banaji’s project of constructing a non-unilinear, non-Eurocentric Marxism.

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)