Current Affairs

Get new episodes early at patreon.com/CurrentAffairs !Grace Blakeley is one of the left's leading economic thinkers. In her new book, Vulture Capitalism, Blakeley explains how capitalism really works and gives a crucial primer on the modern economy. She joins today to explain why conceiving of "free markets" and "government planning" as opposites is highly misleading, because our neoliberal "market-based" economy involves many deep ties between the state and corporations. Instead of thinking of "capitalism" and "socialism" as a spectrum that runs from markets to government, Blakeley says we should focus our analysis on who owns and controls production, and who gets the benefits."The choice isn’t “free markets” or “planning.” Planning and markets exist alongside each other in capitalist societies—indeed, in any society. The choice is whether the planning that inevitably does take place in any complex social system is democratic or oligarchic. Do we allow a few institutions to make decisions that affect everyon