Marxism this book argues, is still the most effective way of understanding capitalism. Ellen Meiksins Wood reformulates the Marxist theory of history while exploring the historical particularity of capitalism as a system of social relations. Then, tracing democracy from antiquity to the present, she examines its ambiguous relationship with capitalism.
Ellen Meiksins Wood argues that with the collapse of Communism the theoretical project of Marxism and its critique of capitalism is more timely and important than ever. Current intellectual fashions of the left which emphasise 'post-modern' fragmentation, 'difference', contingency and the 'politics of identity' can barely accommodate the idea of capitalism, let alone subject the capitalist system to critique. In this book she sets out to renew the critical programme of historical materialism by redefining its basic concepts and its theory of history in original and imaginative ways, using them to identify the specificity of capitalism as a system of social relations and political power. She goes on to explore the concept of democracy in both the ancient and modern world, examining the concept's relation to capitalism, and raising questions about how democracy might go beyond the limits imposed on it by capitalism.
