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This book by Jairus Banaji is in both its scope and depth. It goes beyond the breakthrough of industrial capitalism in 18th century Britain to centuries earlier and across continents to argue that industrial capitalism in England was preceded by a long era of distinct “commercial capitalism”. We particularly appreciate that Banaji presents a diverse and vibrant world, including Muslim merchants trading in Guangzhou in the 8th century, thousands of European traders in Alexandria in the 12th century, and the battles for commercial dominance between Genoese, Venetians and Spanish Jewish traders in Constantinople, rather than a picture centered solely on Europe. The rise of Europe to world domination, then, has nothing to do with any unique European characteristics, but rather must be understood as a distinct fusion of commercial capitalism with state power. Through thinking of “theory as history,” Banaji’s approach skilfully ties history and economics together. Though also distinctly Marxist, this book is highly relevant and accessible to anyone interested in the history of capitalism.