This post is part of a symposium on the Methods of Political Economy.
In a recent book, Raj Patel and Jason Moore argue that the genius of capitalism lies in its “violent extractions of extraeconomic life,” and that these extractions require not only technical innovations and market institutions, but also state power, culture, and ideology. If “law and political economy” examines the role of law in constituting and regulating marketcraft and statecraft, one way of “doing” LPE, I suggest, is to look for the role of law in managing the processes by which capitalists extract value from activity putatively outside “the economy.”
For Patel and Moore, as for LPE, “Capitalism is not just the sum of ‘economic’ transactions that turn money into commodities and back again; it’s inseparable from the modern state and from governments’ dominions and transformations of natures, human and otherwise.” Capitalism produces wealth in part by drawing human and nonhuman activities previously outside itself into its circuits of production, exchange and profit, without recognizing (let alone paying) the full social and ecological costs of their creation, maintenance, or extraction. Patel and Moore call this process making things “cheap,” and they illustrate their argument with seven “cheap things:” Nature, money, work, care, food, energy, and lives.