A student of economics at the University of Michigan and San Francisco State College, Perelman earned a Ph.D in agricultural economics from the University of California, Berkeley in 1971. Perelman writes that he was drawn away from the "framework of conventional economics," noticing that the agricultural system was "consuming ten times more energy than it was producing in the form of edible food." Perelman's research into how "profit-oriented agricultural system created hunger, pollution, serious public health consequences, and environmental disruption, while throwing millions of people off the land" led to his first book, Farming for Profit in a Hungry World (1977).

Although perceiving flaws in Marx's work as it is typically interpreted in the context of its modern reading, Perelman writes that "Marx’s crisis theory was far more sophisticated than many modern readers had realized," focusing on an interpretation that is largely bypassed by many readers of Marxian economic thought. Perelman views Marxist theory as vindicated through its account of crises that a capitalist economy must inherently generate.

Perelman has appeared on a number of programs, including Media Matters, Pacifica Radio, KPFA 94.1 Berkeley, and WBBR (Bloomberg Radio).