Abstract
The current popularity of "racial capitalism" in the American academy is typically attributed to the work of Cedric Robinson. But in this paper, we demonstrate that Robinson was riding a wave that began a decade before: in the South African movement against apartheid. We trace the intellectual history of the concept through two heydays, one peaking in the 1970s and 1980s and another emerging following the 2008 financial crisis. To make sense of racial capitalism during these two heydays, we argue, one must locate the concept in relation to three dialectics. First, racial capitalism traveled back and forth between periphery and center, emerging, for example, in both the context of anti- and post-colonial/apartheid struggles in southern Africa, and against the backdrop of the Black Power and Black Lives Matter movements in the United States. A second dialectic is evident in the way the concept, while initially produced in the context of these fierce struggles, was quickly absorbed into academic discourse. And, in addition to periphery/center and activism/academia, we identify a third dialectic: between the term itself and the broader problematic in which it was (and remains) situated. Our analysis is attentive to the ways that theories acquire contextually specific meanings as they travel, providing a model for understanding the circulation across multiple political contexts of a concept as deceptively stable as racial capitalism. It also demonstrates how expansive the field of racial capitalism actually is, extending well beyond any particular historical or geographic context, institutional or social domain, and even the very term itself.