The Limits to Commercial Capitalism

In his latest book A Brief History of Commercial Capitalism (Haymarket Books, 2020), Jairus Banaji provides a masterful overview of historical trading relationships in Europe. At the same time, this book also reveals once more the limits of an understanding of capitalism, focused on market exchange relations. In this blog post, I will provide a critical review drawing out the weaknesses of such an approach.

Modes of Production and Forms of Exploitation: Understanding Capitalism.

In his remarkable collection of essays Theory As History (Brill Academic Publishers, 2010), Jairus Banaji makes two significant claims about how to conceptualise capitalism and our historical understanding of it. First, capitalism as a mode of production cannot be reduced to the specific form of exploitation around wage labour; and second, understood more broadly, capitalism also needs to include the period of ‘commercial capitalism’, pioneered by Islam in the Mediterranean area as early as the eighth century AD. In this blogpost, I will critically engage with these claims.