What Everyone Gets Wrong About Capitalism
October 31, 2024
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15:48Now PlayingWhat Everyone Gets Wrong About Capitalism
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as posted by the channelLive-streamed on October 21, 2024
Grace Blakeley, English economics & politics commentator, staff writer at Tribune, discusses her recent book Vulture Capitalism: Corporate Crimes, Backdoor Bailouts, and the Death of Freedom.
Grace Blakeley then joins, first working to unpack the commonly accepted dichotomy between capitalism and a centrally-planned (socialist) economy, with the dystopia of socialism juxtaposed by liberalism’s vision of free-market democracy, before wading into the problems and inaccuracies of this binary, namely the fact that liberalism’s defining qualities (free-markets and democracy) don’t apply to the existing capitalist societies of today (particularly the largest imperial powers like the US and UK), where wealth and political power are becoming increasingly concentrated in the hands of fewer and fewer elites, translating into what is essentially centrally-planned oligarchy. Blakeley steps back to walk through the evolution of capitalism to this point, tackling neoliberals’ work to publically redefine a libertarian “free market” as a return to natural systems, while elites privately saw it as an explicit vision to protect corporate power amid rising social movements, establishing clear economic norms against anything that could threaten privatization, the free movement of capital, and low tax rates, while creating international institutions (backed by the West) to dole out punishment for any revolutionary states that sought to challenge them abroad, before touching on the contrasting work of a Keynesian vision – backed by the working class – that pushed the idea of a protective state and well-regulated markets, and exploring the major success this ideology had in bolstering the US labor movement of the mid-20th Century. Next, Grace walks Sam through the eventual success of neoliberal theory with the regimes of Pinochet, Thatcher, and Reagan in the late 1970s and early ’80s, and their overwhelming work to crush and fragment the working class and social power that had bolstered the social and economic progress of the century to that point, setting the stage for the solidification of the oligarchies we see today.
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