As
Blakeley makes clear from the outset, despite the pretext around the apparent
independent functioning of the ‘free market’, capitalism is a political economy
tightly planned by corporations in co-operation with state officials. The myth
of the ‘free market’ has a function though. ‘The problem with our inability to
understand the ways in which capitalist planning functions is that it closes
off potential alternatives to the current system’ (P.9). Unsurprisingly, the
endless debates between neo-liberal and Keynesian economists about how to
organise the economy best never really touch on the fundamental problems of
capitalism nor allow us to identify ways out of recurrent crises. ‘Both sides
have a point, and both sides get the terms of the debate completely wrong’
(P.293).
Ultimately,
it is states, which underpin and ensure the continuation of capitalist
accumulation. The Covid-19 pandemic is a clear example. ‘All over the world,
the story is the same: governments distributed billions of dollars’ worth of
public money to large companies, which then went on to lay off workers and pay
out dividends to shareholders’ (P.63). And if necessary, the state also steps
in and provides the necessary violence to protect and expand capitalism
especially in the Global South. The US’ ‘Jakarta method’ assisted in the wiping
out of Indonesian communism in the 1960s (P.212) and the US was also at hand in
supporting Pinochet and Chile’s military in their coup against the
democratically elected government of Salvador Allende in 1973.
And
yet, there are alternatives. ‘Time and again throughout history, people have
demonstrated their extraordinary capacities to co-operate in pursuit of a
higher purpose. And it is through these examples of resistance and solidarity
that we can find the springs of a new world order emerging’ (P.247). Blakeley identifies
participatory budgeting in Porto Alegre and the Preston Model in the UK as key
examples. To bring about progressive change the balance of power in society has
to be shifted. Hence, according to Blakeley, we have to work within and outside
all social institutions including those of the state (P.269). Most importantly,
however, the way production is organised must be changed to bring about more
substantial change. ‘Unless we socialise and democratise the ownership of
society’s most important resources – unless we dissolve the class divide
between capital and labour itself – there can be no true democracy’ (P.262).
These
are important insights, no doubt. However, does the Jeremy Corbyn experience
not demonstrate that any substantial shifts through the existing institutions
of the capitalist state will be blocked? The fact that Jeremy Corbyn was
elected as leader of the Labour Party in 2015 surprised the political and
economic establishment. The fact that the Labour Party performed much better than
expected in the 2017 general elections with Jeremy Corbyn as leader shocked the
establishment. From then onwards, they did everything in their power, including
a spurious smear campaign of antisemitism, to ensure that his programme of
change would not be implemented. Looking at the recent transformation of the
Labour Party, we may question Blakeley’s call for party political power
(P.274). Of course, we should not give up, but this experience may nonetheless
demonstrate the limits of strategies working within and through the capitalist
state.
Moreover,
as wide-ranging as Blakeley’s book clearly is, some areas are neglected. There
is very little about feminist struggles against patriarchal structures and
Black Lives Matter movements and their fight for social and racial justice. And
yet, if we want to challenge capitalism successfully, do we not have to expand
the basis of resistance and link up with these movements? Equally, there is
little focus on the climate emergency and the literature around the concept of
degrowth as a way to ensure the future of humanity. How would a socialist,
fully democratic future address planetary boundaries?
These
considerations should not, however, downplay the huge significance of the book.
We do not know when there will be another ‘Corbyn moment’. But if and when this
moment comes, the lessons of Vulture Capitalism will be essential in
planning the next steps ahead!
Andreas Bieler
21 April 2024
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