4 Stars

Best for:
Anyone who is interested in the ways capitalism is bad for individuals and society; how it is propped up by the state; and crucially, what alternatives exist that we can fight for.

In a nutshell:
Author Blakeley shares her thesis that capitalism is an inherently undemocratic system with illustrations of corporations and states acting poorly while adhering to the very essence of capitalism.

Worth quoting:
“Most people are denied autonomy over their lives, yet we are told we are free to choose how we live.”

Why I chose it:
Capitalism is not a system I support or want to live under, but I struggle with alternatives. I lack imagination, partly because I want my alternatives based in reality. I’m not a ‘blue sky’ thinker; I’m a former emergency response planner so … yeah. Anyway, this book looked like it might offer not just an analysis of why capitalism is a failure, but also alternatives. And spoiler alert: it did!

Review:
This is a dense but accessible book that explores all manner of ways capitalism is actually one of the largest barriers of democracy. Which is hilarious, given how so many ardent capitalists also claim to be strong supporters of democracy, and given how so many people suggest that alternative approaches to managing society are anti-democratic.

Each chapter looks at a different way capitalism is failing the vast majority of individuals and communities in the world, and starts with a story to illustrate that. She covers Boeing and the changes that came in when it merged with another aerospace company; Ford; the villainous McKinsey consulting company; WeWork (side note – I’m two episodes into the AppleTV serious about it and YIKES); and Blackrock, among others.

Her main points are that capitalism is not about free markets – it is actually an intensely planned system that requires constant state intervention. Capitalism is about power over individuals and the amalgamation of money and power by a small number at the top. And it isn’t failing; it is working exactly as it says on the tin. And that’s the problem.

She provides loads of examples of the features of capitalism that cause harm, some of which are familiar and some of which are new – like in the chapter illustrated by WeWork, she talks about how banks control time by buying or loaning money to the companies they see worthy, allowing them the time and space to fix whatever is wrong. Crucially, the banks aren’t making decisions about what might be best for society or communities; they’re deciding what will make the most money.

The chapter on imperialism and how it isn’t just about taking land – but about controlling what is done on that land, even if one isn’t technically the governing power – was intense and a pretty damning indictment of the USA.

The book isn’t just chapters reiterating how much capitalism really does suck; there’s a chapter full of eleven examples of communities taking actions outside of capitalism’s rules to improve their communities. It’s inspiring and evidence that another way is possible.

Getting back to my lack of imagination – in the final chapter, Blakeley offers some suggestions of things we can do to move society away from capitalism. At one point she says she isn’t really a fan of universal basic income, and my first thought was ‘ugh, what? Why not? Why can’t people be happy?’ Her reasoning is she thinks that contributes to consumerism and individualism. I don’t really agree with that, but she follows that up with a short discussion on universal basic services, arguing that instead of giving people the money to buy the services, we make the services themselves free. Free housing, health care, public transportation. Which would be pretty freaking cool, isn’t something I even really thought people were considering.

I listened the audio book, but would instead recommend buying a physical copy if you’re interested in reading it.

What’s next for this book:
Keep – maybe pick up a physical copy so I can refer back to it easily.