In an engaging conversation, Grace Blakeley, an economics commentator and author of 'Vulture Capitalism,' tackles the sinister dynamics of corporate power. She discusses the troubling collusion between government and corporations, exemplified by the Boeing 737 MAX failures. Blakeley critiques the superficiality of freedom in capitalism, advocating for collective ownership and grassroots movements. The talk also highlights the detrimental effects of digital capitalism on self-worth and the environment, calling for community action to reclaim societal values.
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Boeing's Fatal Cost-Cutting Story
Boeing prioritized shareholder returns over engineering safety, leading to fatal crashes of the 737 MAX planes.
Despite clear safety failures and criminal charges, Boeing received massive state bailouts during crises like COVID.
insights INSIGHT
Capitalism is Centrally Planned
Capitalist societies are not truly free markets but centrally planned capitalism concentrated in a few giant firms.
The fusion of state and corporate power undermines the myth that capitalism equals freedom.
insights INSIGHT
Collective Action Needed for Climate
Climate crisis solutions need collective, systemic action, not just individual consumer choices.
Powerful fossil fuel interests influence state policy, blocking effective decarbonization unless people organize for change.
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Madhumita Murgia's "Code Dependent" delves into the hidden world of AI sweatshops, where human workers meticulously label and categorize data to train artificial intelligence systems. The book exposes the ethical dilemmas and labor practices associated with this crucial yet often overlooked aspect of AI development. Murgia's investigation spans various countries, revealing the complex global network that fuels the AI revolution. She highlights the lack of transparency and control over the data used for training, raising concerns about bias and potential misuse. The book serves as a critical examination of the human cost behind the technological advancements in artificial intelligence.
Stolen
A Letter to My Captor
Lucy Christopher
The story follows Gemma Toombs, a 16-year-old girl from England, who is kidnapped by Ty, a 27-year-old man, while at Bangkok airport. Ty takes Gemma to the middle of the Great Sandy Desert in Australia, where he expects her to fall in love with him. The narrative, told in the form of a letter from Gemma to Ty, delves into the complex relationship between the two characters, exploring themes of Stockholm Syndrome, love, and dependency. As Gemma spends more time with Ty, she learns about his troubled past and begins to develop a complicated bond with him. The book culminates with a dramatic turn of events when Gemma is bitten by a snake, leading Ty to take her to a hospital, where he is eventually arrested. The novel reflects on the aftermath of Gemma's ordeal and her conflicted feelings towards Ty.
Vulture Capitalism
Corporate Crimes, Backdoor Bailouts, and the Death of Freedom
Grace Blakeley
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.
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