The billionaires are putting our world at risk through support for unregulated AI, funding the fossil fuel industry, and undermining democracy. They are using their unprecedented levels of power to lead us toward multiple pathways of total human annihilation.

Now is a good time to reflect on ways to challenge capitalism, a driving force behind the madness we face. And yet, on one side we have many people who are hesitant to name capitalism as a force behind destruction we face. On the other side, many of those few who do name capitalism use outdated and unhelpful frameworks for understanding how to challenge capitalism.

Sven Beckert’s Capitalism: A Global History (Penguin 2025) is a book worth reading if you are interested in building a world past capitalism. Beckert’s original approach to understanding capitalism helps us to see possibilities for challenging it in the present precarious time we are living in.

Its approach to understanding capitalism as a process pushed by capitalists, developing their power, and colonizing the matrix of our social world, explains capitalism in ways that point to more productive approaches to anti-capitalism.

Beckert’s book has received awards and is being read widely. Yet much of the attention has been negative. Writing in The New Yorker, Gideon Lewis-Kraus faulted the book for having such a diffuse idea of capitalism that it becomes “an inescapable vibe—responsible for everything, everywhere, all at once.” In his review in The Nation Corey Robin criticized it for offering a fuzzy and imprecise understanding of capitalism, which then makes the book unhelpful for shaping our anti-capitalist thinking.

These criticisms miss the political power and potential of this unorthodox approach to understanding capitalism. Beckert’s book takes capitalism to its origins and puts it into a global framework. It focuses on the agency of capitalists as a group of people who over time bring capitalism as a global system into being. Beckert’s analysis helps us update our understanding of capitalism in ways that make pathways to challenging it clear and actionable. Many anti-capitalist thinkers are stuck in a stale 19th century understanding of what we are up against. Those approaches make our search for solutions narrow and not actionable in the present.

There are three dead ends to anti-capitalist thought that Becker’s approach avoids. One is that capitalism began in Britain with the industrial revolution. That idea encourages anti-capitalist thinkers to focus on class as something separate from race and patriarchy. A second is that the main victims of capitalism are the industrial working class, that idea leads us to focus on the industrial working class as the most important carriers of movements to challenge capitalism. The third mistaken approach is that the only way to get rid of capitalism is through overthrowing the system in a dramatic revolution. That leads anti-capitalist organizers to focus on getting others to see how bad capitalism is but does not encourage them to build power to challenge it in the present. Each of these tendencies has its own way of being unhelpful for building anti-capitalist politics. Beckert’s approach to capitalism helps us find pathways beyond all of them.

Rather than staring his analysis of capitalism at the transition from feudalism to capitalism, as most anti-capitalist thinkers do, Beckert’s story begins in 1150 in Aden, in what is now Yemen. He argues that at that time, largely in the Muslim world, there emerged a global trade in luxury goods. It impacted very few people’s lives, and there were no societies based on it. This was a period of the emergence of capitalists—a very small subset of the population who traded goods for the sole purpose of generating wealth.

Many societies have engaged in trade to obtain goods that they could not produce themselves. What distinguishes capitalists from other traders is that they engage in trade for profits alone. The goal of any given transaction is money itself rather than something that money could buy.

Capital itself is money, or resources, invested for the sole purpose of generating more money. Early capitalists originally worked within the political realities they found around them. Over time these merchants worked to create political systems that would enable them to generate more wealth. These early capitalists often engaged in work to get governments to create conditions that were favorable to them. Think of Columbus and his relationship with Queen Isabella.

When these disparate acts of capitalists began to be elevated to the society-wide phenomenon we now call capitalism, was when they were able to control a land base and extract wealth, not just from trading, but from producing as well. Over time these merchants came to control more land and resources. Forced labor in the form of slavery was central to the early days of capitalism. So was colonialism: the forcible taking of land on which to engage in profit-seeking actions.

As more and more resources are controlled by capitalist processes, and as capitalists became more politically powerful, a large part of human society came to be dominated by these logics. Eventually, resistance to slavery made that form of exploitation less desirable to the elites. Employers were able to hire people into wage labor as the enclosure of commons threw them off the land they had previously used to sustain themselves. Colonialism was beaten back by people fighting for control over the political systems that dominated the places they lived. In many places colonialism was replaced by neocolonialism, where local people controlled the political system but continued to run the economy in the interest of faraway elites.

Beckert’s analysis broadens our frame in ways that allow us to avoid the pitfalls of an anti-capitalism that focuses only on the class-based harms of capitalism. If you accept the older framework, which focuses on capitalism as mostly about the exploitation of the industrial working class in Europe, then its relationships to slavery and colonialism are hard to understand. Much anti-capitalist thinking sees capitalism as a step forward from slavery and colonialism, rather than as their cause.

With regard to patriarchy, much anti-capitalist thinking focuses on the experiences of wage laborers rather than on the impacts of capitalist processes on the broader matrix of society that it transforms and destroys. This can lead to an anti-capitalist politics that defines the victims of capitalism so narrowly that racism and patriarchy are outside the frame of analysis. That makes building broad........

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