Refugees are often promoted as assets for host states, as investment in their human capital is understood to stimulate economic growth and boost employment in under-resourced industries. Refuge: How the State Shapes Human Potential inverts this discourse to explore the cost of socioeconomic integration policies for refugees in wealthy Western countries. It proposes ‘state-structured human capital’ as a conceptual frame for understanding how the welfare systems refugees encounter shape their economic mobility and social security, by defining what and whose human capital is recognized and considered worthy of investment. To evidence this proposition, Heba Gowayed documents the experiences of 43 Syrian refugees as they grapple with the social and economic realities of ‘refuge’ in the US, Canada, and Germany. Drawing on ethnographic research and interviews conducted in their first years after arrival (2015–18), Refuge paints a picture of men and women striving to enact and advance their human capital on their own terms. Often, this involves struggling against systems that seek to produce them as self-reliant and productive members of society, whilst simultaneously marginalizing them because of their race, religion, gender, and class.