Earth Capital by Alessandro Stanziani & Thomas Piketty - Books

Earth Capital

By Alessandro Stanziani & Thomas Piketty History 15/10/2025

This book is a major new history of capitalism that takes account of the material and ecological underpinnings of productive activity as well as the social, political and institutional dimensions of economic life. It retraces the history of capitalism over a long time period, giving particular attention to the role of food, agriculture, energy and natural resources, and with an eye to the future, mindful of the need to find solutions to an ecological crisis that threatens to overwhelm us all.
Alessandro Stanziani shows that the development of capitalism since the twelfth century has been based on two primary forms of exploitation: of labour, often coerced, and of what he calls 'Earth capital', by which he means both the planet as a whole and its land and natural resources as factors of production. While these two forms of exploitation have gone hand-in-hand, the emphasis has shifted over time: forced labour gradually declined in importance from 1870 to the present, the exploitation of land, fossil fuels and natural resources grew at an unprecedented rate from 1870 to precedented rate, the destructive consequences of which are becoming increasingly apparent today.

Looking to the future, Stanziani argues that, in order to deal with the immense challenges we now face, we must be prepared radically to rethink our economic and political systems. He proposes a new social contract that would make democracy, social equality and the environment the three pillars of the world of tomorrow.