11 Aug 2024 05:00
Episode 133, 'Vulture Capitalism' with Grace Blakeley: Live at Glastonbury Festival
They say money can’t buy happiness, but it can buy power, freedom, and security. The one per cent – who control nearly half of the world’s wealth – understand this better than anyone. In capitalist democracies, corporations spend billions on political donations and lobbying to influence economic policies in line with their own interests. The trillions spent by governments in propping up the banks following the 2008 financial crash – and the bailing out of the largest corporations through the Covid Corporate Financing Facility – speak volumes: the state and the economy are not separate entities. The goal of the state is clear: “Steady the ship and maintain course.”
Corporations don’t just pose a threat to our economic freedoms, but the future of the natural world. Just a handful of firms are responsible for over seventy per cent of carbon emissions, and despite public pressure, corporate action on the climate crisis has been largely ineffective. We shouldn’t be surprised; after all, industry holds the power, and turkeys don’t vote for Christmas.
Links
Grace Blakeley, Vulture Capitalism: Corporate Crimes, Backdoor Bailouts and the Death of Freedom
