Over the past century, Israel has been transformed from an agricultural colony, to a welfare-warfare state, to a globally integrated 'market economy' characterised by great income disparities. What lies behind this transformation? In order to understand capitalist development, we need to break the artificial separation between 'economics' and 'politics', and think of accumulation itself as 'capitalisation of power'. Applying this concept to Israel, they reveal the big picture.

Diverse process...