New Books in Economics Laleh Khalili, "Extractive Capitalism: How Commodities and Cronyism Drive the Global Economy" (Profile Books, 2025)
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May 5, 2025 Laleh Khalili, a political science professor at the University of Exeter, delves into the hidden workings of extractive capitalism. She highlights how global trade, reliant on commodities like oil and sand, perpetuates inequality. The conversation reveals the struggles of seafarers from the Global South, contrasts yacht culture with extreme economic disparity, and critiques modern initiatives like Saudi Arabia's NEOM project. Khalili underscores the legacy of colonial exploitation, connecting past practices to contemporary extraction dynamics.
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Oil and Sand Reveal Capitalism
- Commodities like oil and sand reveal capitalism's impact on nature and economy.
- Their deep natural history contrasts sharply with how capitalism commodifies and exploits them.
Rotterdam’s Global Trade Role
- Rotterdam exemplifies a strategic global trade hub rooted in history and maritime dominance.
- Its role in oil refining and container shipping connects Europe to global commodity flows.
Seafaring’s Labor Inequality
- Modern seafaring combines automation and a racialized labor hierarchy, impacting workers.
- Crew from global south face harsher contracts and living conditions than officers from wealthier countries.