Abstract
Historical materialism is probably the only grand theory within IPE that is ontologically equipped to analyse all aspects of social life without losing sight of ‘the big picture’. As a theory of history, power and emancipatory praxis, historical materialism not only seeks to explain and critique social inequalities in and through global capitalism, but also to formulate a transformative agenda towards a more equitable future. The chapter first introduces the core ontological and epistemological premises of historical materialism and then outlines its theorization of capitalism and recurring capitalist crises. On the basis of showcasing some contributions on the state-economy and state-society relations, and the production-reproduction relation under neoliberal capitalism, the chapter points to critique from within and beyond its own theoretical confines as a key stimulus for theoretical advancements. The chapter, by way of conclusion, invites IPE scholars to engage more with historical materialism, as dialogue and critique lead to productive tensions that allow for expanding the ontological reach of IPE. And in the spirit of emancipatory praxis, such a critical engagement also has the potential of stimulating new radical imaginaries for a post-capitalist future.
