Timothy Mitchell, "The Alibi of Capital: How We Broke the Earth to Steal the Future on the Promise of a Better Tomorrow" (Verso, 2026)

Stealing the future and concealing the theft—capitalism’s method, as examined by the author of the acclaimed Carbon Democracy Today,
extraordinary wealth seems to arrive from nowhere. The trick of
conjuring this unearned wealth is, in fact, the key to understanding
capital­ism’s origins and a clue to why the catastrophe of climate
collapse is upon us: value is created by consuming the future. In The Alibi of Capital: How We Broke the Earth to Steal the Future on the Promise of a Better Tomorrow (bookshop.org/a/12343/9781836742272)
(Verso, 2026), Professor Timothy Michell explains how this came about
through the imperial expansion of the West, en­cumbering today’s
generations with repayments on earlier extractions. Timothy Mitchell
identifies the forms of capitalisation, credit, and coercion that turn
prospective assets into present income. Rejecting the common idea that
claims on the future create only financial or fictitious capital, he
traces the terraforming projects – the destruction of rivers, the
colonising of territory, the expan­sion of infrastructure, and the
burning of carbon—through which the future has been squandered. Terms
such as finance, technology, the economy, and growth function as alibis
that conceal this devastating form of extraction.
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