An excellent, insightful and thought-provoking read on the history of labour under capitalism and how imperialism operates via global labour arbitrage (production being relocated to nations where labour and the cost of doing business is inexpensive and/or impoverished labour moves to nations with higher paying jobs) for further profit under unequal exchange
The book draws on insights from social reproduction theory in recognising that domestic labour, while a prerequisite for capital accumulation, does not produce anything extra for the market and thus remains unpaid and undervalued under capitalism. So the fight for feminism is not for housewives and domestic labourers to be paid wages for their work, but for women and men to share domestic and social labour equally
The book also refers to late anti-racist anthropologist Ruth Benedict, who defines racism as "the dogma that one ethnic group is condemned by nature to congenital inferiority and another groups is destined to congenital superiority", and refers to the history of racism only coming into Western languages during the middle of the 16th century and that no word in ancient Hebrew, Greek or Roman had the same meaning. By discussing race and white supremacy being sustained through imperialist capitalism, the book recognises that the racism of the working class in the imperial core is not the result of a backward consciousness, but the end result of a process of political struggle wherein the economic and political privileges of living in an imperialist nation have come to seem natural and acceptable to the majority therein. Racism thus grows via the practices of capitalism and neocolonialism, imperialist division of labour, border controls and wars. Perry Anderson is referenced in recognising the corporate nature of the British working class and their alliance with the dominant bourgeoisie in the expectation that its own economic betterment can be thereby achieved, thus in supporting the maintenance of imperialism, the British working class has become both advocate and practitioner of national and racial oppression
Highlights in the book include:
Recounting how the Labour government in 1948 launched a massive counter-insurgency operation against the Communist-led Malayan independence movement in order to protect the profits of Britain's rubber and tin industries
Referencing Lenin's recognisation that social democracy of the Western European kind equates to social chauvinism - "socialist" support for imperialist institutions and the material basis for social chauvinism that relies on globalisation of production and the superexploitation of 3rd world labour
Highlighting the imperialist underpinnings of Fabianism, which sought to weld "socialism" (narrowly defined as a more egalitarian redistribution of Britain's wealth) to the expansionist nationalism of British imperialism, as evidenced by its support for British capitalism's war in South Africa
Referencing French Marxist economists Gerard Duménil and Dominique Lévy who recognised that the benefits to the First World of the Third World debt crisis were multifold, such as the appropriation of natural resources at low prices, the exploitation by transnational corporations of segments of the cheap labour force and the opportunities opened up by the privatisation of public companies
Identifying and explaining that dollar hegemony is one of the principal mechanisms by which the imperialist bloc is able to secure economic supremacy over periphery nations
Defining profit as the unpaid labour-time of the worker appropriated by the capitalist as measured against total capital invested rather than the more widely-accepted definition rooted in capitalist accounting, as the excess of sales revenue over the cost of producing the goods sold
Identifying exploitation as occuring when wage-labourers are paid wages with less value than that which their labour-power creates, and superexploitation as the greater than average rate of exploitation imperialist capitalism submits workers in (neo-)colonial nations to, often to the point where their wages are set at levels insufficient for their households to reproduce their labour power
Dispelling the connection between egalitarianism and Marxist political economy, by defining egalitarianism as the belief that relations between persons and nations should tend towards equality of income and political power, socialist accounting does not proceed upon any moral imperative to level all incomes but on a calculation based on value creation and distribution, which is not one of precisely equal distribution of the social product to all citizens, but rather "from each according to their abilities, to each according to their work performed", as such, those who contribute more value to society through their labour may expect to receive more of the social product than those who contribute less