The Alibi of Capital - Timothy Mitchell

Today, extraordinary wealth seems to arrive from nowhere. The trick of conjuring this unearned wealth is, in fact, the key to understanding capital­ism's origins and a clue to why the catastrophe of climate collapse is upon us: value is created by consuming the future.

The Alibi of Capital explains how this came about through the imperial expansion of the West, en­cumbering today's generations with repayments on earlier extractions. Timothy Mitchell identifies the forms of capitalisation, credit, and coercion that turn prospective assets into present income. Rejecting the common idea that c
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