Extractive Capitalism (Laleh Khalili)

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Extractive Capitalism: How Commodities and Cronyism Drive the Global Economy by Laleh Khalili is a concise work of nonfiction political economy that examines the material foundations of globalization. Rather than treating the world economy as an abstract system of prices, markets, and financial flows, Khalili centers the industries that move, mine, pump, insure, finance, and speculate on commodities. The book links oil, minerals, shipping, commodity trading, consultancy, and legal arrangements to the persistence of global inequality. Its purpose is explanatory and critical: to show how value is extracted not only from land and natural resources, but also from workers, states, legal systems, and public institutions. Drawing on historical knowledge, contemporary examples, and Khalili’s expertise in maritime and Gulf political economy, the book argues that global capitalism remains dependent on coercion, low cost labor, opaque contracts, and political favoritism, even when it presents itself as efficient, frictionless, and technologically advanced.