This illustrated, materialist history of ideas examines the contemporary Australian labour movement’s economic thinking, as it emerged during the 1930s and 1940s. Economic conditions, levels of class struggle and the political proclivities of different classes shaped both a moderate current, which accepts mainstream economics, and today’s much diminished, left-nationalist tendency. The focus is on the working class’s main organisations – the Australian Labor Party, Communist Party of Australia and trade unions – and understandings of three fundamental aspects of Australian capitalism: the country’s place in the world, its class structure, and its experience of severe economic fluctuations.