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From the Introduction: This book challenges the conventional wisdom about classical political economy and the rise of capitalism. It is written in the conviction that modern interpretations of political economy have suffered terribly from acceptance of the prevailing liberal view of the origins and development of capitalist society. By the liberal account, capitalism emerged out of the centuries-old competitive activities of merchants and manufacturers in rational pursuit of their individual economic self-interest. Over time, this account claims, the persistent activity of these classes developed new forms of wealth and productive resources and new intellectual and cultural habits, which eroded the existing structure of society. The rise of capitalism is thus explained in terms of the rise to prominence of the most productive, rational, and progressive social groups—merchants and manufacturers. Not surprisingly, classical political economy came to be seen as an intellectual reflection of the ascendance of merchants and manufacturers and as a theoretical justification of their interests and activities. This book argues that capitalism was the product of an immense transformation in the social relationships of landed society and that this fact is crucial to understanding the development of classical political economy. Without a radical transformation of the agrarian economy, the activities of merchants and manufacturers would have remained strictly confined. By no inexorable logic of their own were mercantile and industrial activities capable of fundamentally transforming the essential relations of precapitalist society. Rather, the changes in agrarian economy, which drove rural producers from their land, forced them onto the labour market as wage labourers for their means of subsistence, and refashioned farming as an economic activity based upon the production of agricultural commodities for profit on the market, established the essential relations of modern capitalism. In what follows, these processes are described in terms of the emergence of agrarian capitalism. This title is part of UC Press's Voices Revived program, which commemorates University of California Press's mission to seek out and cultivate the brightest minds and give them voice, reach, and impact. Drawing on a backlist dating to 1893, Voices Revived makes high-quality, peer-reviewed scholarship accessible once again using print-on-demand technology. This title was originally published in 1988

"In most accounts of the origins of money we are offered pleasant tales in which it arises to the mutual benefit of all parties as a result of barter. In this groundbreaking study David McNally reveals the true story of money's origins and development as one of violence and human bondage. Money's emergence and its transformation are shown to be intimately connected to the buying and selling of slaves and the waging of war. Blood and Money demonstrates the ways that money has "internalized" its violent origins, making clear that it has become a concentrated force of social power and domination. Where Adam Smith observed that monetary wealth represents "command over labor," this paradigm shifting book amends his view to define money as comprising the command over persons and their bodies."

Daniel Bensaïd's meditations on utopia and revolution assume a materialist form in his grasp of the non-linear temporalities of value relations in capitalist society. The result is a dialectical understanding of time as irregular and prone to ruptural transformations. Bensaïd's unique reflections in this area open up a 'strategic sense of time' as the space of revolutionary politics.

This article seeks to dialecticise the debate between the ostensible politics of class and those of identity. It mobilises the Hegelian-Marxian conception of 'unity of the diverse' against abstract conceptions of both universality and difference, in order to demonstrate how working classes are constituted in and through (i.e. internally related to) multiple social differences. In contrast to bad essentialism, the dialectical-Marxist concept of working class self-emancipation is thus shown to necessitate conscious struggle and self-organisation against all forms of social oppression.

Insisting on the status of money as a creature of both the market and the state, this article challenges dualistic understandings of capitalist imperialism as entailing two fundamentally distinct logics, one capitalist, the other territorial. In opposition to the dual-logics position, the article argues for the distinctiveness of capitalist money in terms of a complex butunitarysocio-economic logic. The social dynamism of this logic involves the spatial-territorial extension of the domain of modern value relations, embodied in fully-capitalist money. Departing from the development of coinage in ancient Greece, the article proceeds to identify the 1690s in Britain as the decisive moment in the emergence of a new and distinctively capitalist form of (world) money, institutionally based upon the Bank of England, in which state debt was thoroughly integrated with private financial markets. The crucial role of the Bank of England in this new monetary system is shown to have pivoted on its capacities to finance Britain's inter-colonial wars. Colonialism, war, slavery and dispossession underline the omnipresence of 'blood and dirt' (Marx) in the development and reproduction of capitalist impersonal power as expressed in world money. Undoing the impersonal power characteristic of bourgeois money thus entails undoing the economic dispossession of the labouring poor, which forms the basis of their 'possession' by capital.

AbstractThe recent arrival ofFrom Economics Imperialism to Freakonomicsby Fine and Milonakis is especially propitious given the context of the Great Recession of 2008 – and the associated decline of public faith in the verities of mainstream economics. Fine and Milonakis provide a magisterial critical survey of contemporary economics and demonstrate the need for a 'new and truly interdisciplinary political economy' capable of 'incorporating the social and historical from the outset'. But their cause requires the explicit development of value analysis within the framework of dialectical social theory. This requires foregrounding the ways in which Marx's categories inCapitalare from the start historical precipitates that acknowledge their own inherent historicity.