Marxist notions of the origins of capitalism are still largely structured by the famous debate on the transition from feudalism to capitalism. This essay suggests that that tradition of historiography locates capitalism too late and sees it in essentially national terms. It argues that capitalism began, on a European scale, in the important transformations that followed the great revival of the eleventh century and the role played by mercantile élites in innovating new forms of business organisation. However, with this starting (...) point, it becomes important to bring Islam into the picture in a central way, since the Mediterranean was the common heritage of many cultural and religious groups. Islam shaped the tradition of early capitalism both by preserving monetary economy and through its own precocious development of the partnership form. The essay periodises this early capitalism into a 'Mediterranean' and an 'Atlantic' phase, and concludes by looking briefly at the ways in which merchants dominate labour. (shrink)

The publication of Bob Brenner's long-awaited analysis of the development of post-war capitalism is to be welcomed. Brenner's systematic review of a mass of data on the development of the US, German and Japanese economies finally, and incontrovertibly, destroys the ‘profit squeeze’ explanation for the tendencies to stagnation and crisis which have afflicted global capitalism over the past thirty years. This once fashionable theory explained the crisis tendencies of capitalism in terms of the ability of workers to restrict profitability through (...) their demands for higher wages and their resistance to the intensification of labour. It is manifestly the case that the struggles of workers over the past thirty years have been predominantly defensive struggles, attempting, at best, to limit the erosion of relative gains of previous years in the spheres of wages, job control and welfare provision. The resistance of workers to a further intensification of their exploitation may have presented a barrier to the resolution of the crisis on the basis of capital, but it is certainly not the struggle of workers that has provoked the crisis. (shrink)

The twelve essays in this book demonstrate the importance of bringing history back into historical materialism.

Marxism: Crisis or Renewal? It has become commonplace nowadays to speak of a crisis— and even of the end— of Marxism. This dire forecast can hardly be ...

This article is the introduction of the volume The Many-Headed Hydra. The Hidden History of the Revolutionary Atlantic, to be published by Amsterdam, a historical investigation of the multi-ethnique class which formed the cheap workforce which made possible the rising of capitalism and of modern transatlantic economy, since the beginning of 17th century. A motley crowd made by merchants, pirates, workers, women, soldiers, convicted criminals, religious radicals, etc. developed forms of resistence and mutual cooperations, in order to escape the deep (...) exploitation of the workforce, taking place in an economy already globalised. The authors tell the story of the role played by these wretched of modern world and of their fight for liberty. (shrink)

The dynamics of the emerging transnational stage in world capitalism cannot be understood through the blinkers of nation-state-centric thinking. In her study Empire of Capital, Ellen Meiksins Wood exhibits the reification and outdated nation-state-centric thinking that plagues much recent work on world capitalism and US intervention, expressed in the confusing notion of a 'new imperialism'. The overarching problems in Wood's study – and, by extension, in much of the 'new-imperialism' literature – is a reified notion of imperialism, a refusal to (...) draw out the analytical, theoretical, methodological, and epistemological implications of capitalist globalisation, and an incessant reification of the state. Instead of a 'new US empire', the current epoch is best understood as a new transnational phase in the ongoing evolution of world capitalism, characterised in particular by the rise of truly transnational capital, globalised circuits of accumulation, and transnational state apparatuses. 'US imperialism' refers to the use by tansnational élites of the US state apparatus to continue to attempt to expand, defend and stabilise the global capitalist system. US militarisation and intervention are best understood as a response to the intractable contradictions of global capitalism. (shrink)

Some time ago, the editors of Monthly Review invited me to submit a short review of two recent books by Ellen Wood: The Pristine Culture of Capitalism, and Democracy Against Capitalism. I found myself, in the course of re-reading these books, filled with admiration for most of what the author said, and indeed, for the manner in which she presented her case. At various points, however, I found myself not fully satisfied. But a short review was not the place to (...) develop my concerns. (shrink)

The theory of social property relations and its historical sociology The theory of social property relations (or Political Marxism) represents an important breakthrough in the renewal of Marxian historical sociology. Rooted in a specific reinterpretation of the transition from feudalism to capitalism grounded in a comparative history of social property regimes, the theory renews historical materialism through a deep historical, relational and geopolitical understanding of history. It offers an important epistemological shift in our understanding of historical change. At the core (...) of the theory is a decisive attempt to debunk the pitfalls of teleological and deterministic conception of history that litters most Liberal, Weberian and Marxist conceptions of history. The theory’s recent developments are also proposing a reinterpretation of the international and geopolitical developments of capitalism and modernity. The purpose of this article is to offer a general presentation of the core attributes, contributions and developments of the theory. (shrink)

Ellen Wood replies here to the symposium on her book, Empire of Capital, by laying out her views on the specificity of capitalism and capitalist imperialism, the relation between global capital and territorial states, the problematic concepts of 'globalisation' and 'financialisation', and how our understanding of capitalism affects our conceptions of oppositional struggle.

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)