Mother of Capital: How Rent Gave Birth to Modernity Paperback – December 20, 2025

‘As some are pointing at rent to claim that we are moving out of capitalism and into “techno-feudalism”, it seems urgent to rethink the relation between capital and rent. In this inventive book, Costa takes us back into the womb of history to show that it was a transmutation of rent that gave birth to capital, and that the two never parted ways since then’ Xavier Lafrance, Professor, Université du Québec à Montréal‘It is fantastic to see Matthew Costa’s book on the topic of rent theory, which will vivify new rounds of debate’ Adam David Morton, Professor, University of SydneyRent, or unearned income, is a pervasive concept in contemporary economics. Economists of all stripes see today’s global economy as riddled with harmful rents, but most deny these are intrinsic to capitalism, and insist they can be eliminated with the right policies. It begs the question, why is rent theory so critical of the present but so optimistic about the future?In Mother of Capital, Matthew Costa delves into the intellectual and social history of rent to solve this puzzle. Centring rent as the engine of capitalism’s historical emergence in medieval Europe, he offers a groundbreaking, systematic history of rent and rent theory. The book also traces the history of resistance to rent from below, and unearths a neglected body of critical rent theory.Weaving complex strands of social and intellectual history into a vivid, lively, and original explanation of how the society we live in came to be, Costa makes a bold intervention into contemporary debates about the origins and future of capitalism, the nature of social change, and of history itself.Matthew Costa is an Australian political economist. He has been a sessional lecturer and honorary associate in the Department of Political Economy at the University of Sydney. He is currently a Director at New South Wales Treasury, and was previously an economic policy advisor in Australia’s Department of the Prime Minister and Cabinet. Read more