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Within political theory the concept of recognition has been generally drawn upon to develop a particular form of ethical theory. The concept has been deployed in debates over culture, feminism, multiculturalism, individual and group rights, and as a means of conceptualising colonialism. A less dominant contemporary line of inquiry is the use of the concept of recognition to think through modes of pre-capitalist and capitalist accumulation. Much of the early philosophical radicalism contained within the concept of recognition has been lost via its subsumption within liberal political theory. Against such a liberal ‘flattening-out’ of recognition this article builds an alternative interpretation which focusses upon the relationship between recognition and accumulation. This is done by way of examining how questions of economic power and accumulation were central G.W.F. Hegel’s theory of recognition. In this light, this paper develops an understanding of recognition as a ‘hinge concept’ – one which links economic relations, the juridical form, moral claims and political struggle. This is not to portray recognition in any economically determinist sense. Rather, by focussing upon its antagonistic basis, as struggle, a concept of recognition gives us a useful way of thinking about both historical and contemporary modes of global capitalist accumulation.