Contemporary political economy is predicated on widely shared ideas and assumptions, some explicit but many implicit, about the past. Our aim in this Special Issue is to draw attention to, and to assess critically, these historical assumptions. In doing so, we hope to contribute to a political economy that is more attentive to the analytic assumptions on which it is premised, more aware of the potential oversights, biases, and omissions they contain, and more reflexive about the potential costs of these blind spots. This is an Introduction to one of two Special Issues that are being published simultaneously by New Political Economy and Review of International Political Economy reflecting on blind spots in international political economy. Together, these Special Issues seek to identify the key blind spots in the field and to make sense of how many scholars missed or misconstrued important dynamics that define contemporary capitalism and the other systems and sources of social inequality that characterise our present. This particular Special Issue pursues this goal by looking backwards, to the history of political economy and at the ways in which we have come to tell that history, in order to understand how we got to the present moment.