“Vulture Capitalism: Corporate Crimes, Backdoor Bailouts And The Death Of Freedom” - Book Review

BY DOMINIC ALEXANDER The ‘free market’ was supposed to liberate us from the looming ‘serfdom’ of the potentially totalitarian ‘nanny’ state, according to the neoliberals. However, as Grace Blakeley argues in Vulture Capitalism, there’s nothing ‘free’ about the free market. In reality, actually existing capitalist markets are dominated by powerful corporations. Historically, indeed, the putative importance of free trade in the history of capitalism is highly questionable. Mercantilism, as in the state licensing of monopolies such as the East India Company, was the form capitalism took in eighteen-century Britain. The East India Company’s colonial domination of India, in effect as the state power, allowed for British textile exports to saturate the Indian market, destroying the indigenous craft textile industry and impoverishing Indian artisans, but fuelling the profits of British manufacturers. Rather than the abstract principles of market economics bringing about prosperity, this was p

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