Abstract
Abstract Knafo and Teschke’s provocative essay ‘Political Marxism and the Rules of Reproduction of Capitalism’ has prompted considerable debate. From a position of critical support, the present article intervenes in this debate by making three interrelated points. First, the structuralist–historicist divide that Knafo and Teschke identify is misleading and should be reformulated. Though the duality is real, this divide is best understood as a continuum between two kinds of historicism: a structural and an institutional historicism. Second, the article contextualises Knafo and Teschke’s intervention against the backdrop of their own intellectual development. Rather than returning to the tradition’s historicist origins, they have in fact stretched Political Marxism’s institutional tendencies to new limits. Third, the article concludes with a revision of their critique of the concept of market dependence. It is argued that the concept can be salvaged for the purposes of institutional historicism provided that it is rearticulated.
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