Grace Blakeley

A Next Big Idea Book Club Must-Read for March 2024 In the vein of The Shock Doctrine and Evil Geniuses, this timely manifesto from an acclaimed journalist illustrates how corporate and political power brokers have used planned capitalism to advance their own interests at the expense of the rest of us—and how we can take back our economy for all. It’s easy to look at the state of the world around us and feel hopeless. We live in an era marked by war, climate crisis, political polarization, and acute inequality—and yet many of us feel powerless to do anything about these profound issues. We’ve been assured that unfettered capitalism is necessary to ensure our freedom and prosperity, even as we see its corrosive effects proliferating daily. Why, in our age of unchecked corporate power, are most of us living paycheck to paycheck? When the economy falters, why do governments bail out corporations and shareholders but leave everyday people in the dust? Now, economic and political journalist and progressive star on the rise Grace Blakeley exposes the corrupt system that is failing all around us, pulling back the curtain on the free market mythology we have been sold, and showing how, as corporate interests have taken hold, governments have historically been shifting away from competition and democracy and towards monopoly and oligarchy. Tracing over a century of neoliberal planning and backdoor bailouts, Blakeley takes us on a deeply reported tour of the corporate crimes, political maneuvering, and economic manipulation that elites have used to enshrine a global system of “vulture capitalism”—planned capitalist economies that benefit corporations and the uber-wealthy at the expense of the rest of us—at every level, from states to empires. Blakeley exposes the cracks already emerging within capitalism, lighting a path forward for how we can democratize our economy, not just our politics, to ensure true freedom for all.

Corporate Crimes, Backdoor Bailouts, and the Death of Freedom

Vulture Capitalism

A must-read polemic about why the 'recovery' from the 2007-08 crash mostly benefited the 1%, and how democratic socialism can save us from a new crash and climate catastrophe. For decades, it has been easier to imagine the end of the world than the end of capitalism. In the decade leading up to the 2008 financial crisis, booming banks, rising house prices and cheap consumer goods propped up living standards in the rich world. Thirty years of rocketing debt and financial wizardry had masked the deep underlying fragility of finance-led growth, and in 2008 we were forced to pay up. The decade since has witnessed all kinds of morbid symptoms, as all around the rich world, wages and productivity are stagnant, inequality is rising, and ecological systems are collapsing. Stolen is a history of finance-led growth and a guide as to how we might escape it. We've sat back as financial capitalism has stolen our economies, our environment and even the future itself. Now, we have an opportunity to change course. What happens next is up to us.

How to Save the World from Financialisation

Stolen

Free market, competitive capitalism is dead. The separation between politics and economics can no longer be sustained. In The Corona Crash, leading economics commentator Grace Blakeley theorises about the epoch-making changes that the coronavirus brings in its wake. We are living through a unique moment in history. The pandemic has caused the deepest global recession since the Second World War. Meanwhile the human cost is reflected in a still-rising death toll, as many states find themselves unable--and some unwilling--to grapple with the effects of the virus. Whatever happens, we can never go back to business as usual. This crisis will tip us into a new era of monopoly capitalism, argues Blakeley, as the corporate economy collapses into the arms of the state, and the tech giants grow to unprecedented proportions. We need a radical response. The recovery could see the transformation of our political, economic, and social systems based on the principles of the Green New Deal. If not, the alternatives, as Blakeley warns, may be even worse than we feared.

How the Pandemic Will Change Capitalism

The Corona Crash

The Pandemic and the Post-Corbyn Era

Futures of Socialism

How should the left respond to electoral defeat, the leadership of Keir Starmer and a global crisis? British politics is in an extraordinary place. Grace Blakeley introduces an indispensable collection of analysis and comment. In Futures of Socialism, Sam Gindin and James Meadway reassess socialist strategy after the coronavirus; Dalia Gebrial and Siân Errington debate austerity and precarity; Joshua Virasami and Simukai Chigudu explore anti-racism and the legacy of Empire; and Leo Panitch and Momentum co-founder James Schneider probe the limits of parliamentary socialism. Chris Saltmarsh assesses the prospects for an eco-socialist Green New Deal and Cat Hobbs argues for the ongoing centrality of public ownership to socialist policy. Futures of Socialism takes an in-depth look at the reasons for Labour’s 2019 election defeat, with Unite’s Andrew Murray on Labour’s Brexit position, Tom Mills on the British media, Gargi Bhattacharyya and Jeremy Gilbert on better ways to build a political project, and Keir Milburn on generation left. The anthology also compares the fortunes of the British left with socialist movements overseas, in despatches from Europe and America. Blakeley draws on the talents of all sections of the post-Corbyn left to survey the prospects of “a movement that has dominated the horizons of our lives.”

Grace Blakeley

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