Vulture capitalism
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Deep Dive
What is the central thesis of Grace Blakeley's book 'Vulture Capitalism'?
The central thesis is that capitalism is not a free market system but a system of pervasive centralized planning by the owners of capital in their own interests. It argues that capitalism is not broken but is functioning exactly as designed, and it must be replaced rather than fixed.
How does Grace Blakeley describe the relationship between capitalism and the state?
Blakeley describes capitalism as inherently linked to the state, with big monopolistic corporations and powerful capitalist states working together. This relationship is not an aberration but a defining feature of capitalism, as seen historically with entities like the East India Company and modern examples like Elon Musk's collaboration with the US government.
What example does Blakeley use to illustrate the failures of corporate capitalism?
Blakeley uses Boeing as an example, highlighting how the company's focus on maximizing shareholder value led to cost-cutting, unsafe practices, and the 737 Max disasters. She emphasizes how the Federal Aviation Authority's self-regulation failed to prevent these tragedies, and Boeing received government bailouts despite its failures.
What is the alternative to capitalism proposed in 'Vulture Capitalism'?
The alternative proposed is socialism, not as state centralized planning, but as a system where ordinary people democratically run enterprises and collectively manage resources. Blakeley contrasts this with the oligarchic authority of capitalism, advocating for a shift to democratic, collective power.
How does Blakeley address the role of the working class in global capitalism?
Blakeley argues that the global working class is divided, with hyper-exploited labor in poorer countries and a managerial class in richer countries. She highlights the importance of solidarity and the potential for revolutionary change, particularly in societies where the bargain between the managerial class and the owning class is breaking down.
What is Blakeley's view on the role of identity politics in the labor movement?
Blakeley sees identity politics as positive when it breaks down barriers to organizing for marginalized groups and fosters solidarity. However, she criticizes its co-option by capitalist elites, who use it to maintain power without addressing systemic oppression. She emphasizes the need for grassroots, bottom-up approaches to justice.
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