‘Let’s challenge the false economic narratives’ – Grace Blakeley & Jeremy Corbyn
Grace Blakeley
Ben Hayes reports from the latest Arise Festival event ‘Jeremy Corbyn and Grace Blakeley in Conversation’ held to celebrate the launch of Grace’s new book: Vulture Capitalism – Corporate Crimes, Backdoor Bailouts and the Death of Freedom.
Over 2,500 people joined an online forum hosted by Arise: A Festival of Left Ideas between economist Grace Blakeley and MP for Islington North Jeremy Corbyn to discuss her book Vulture Capitalism: Corporate Crimes, Backdoor Bailouts, and the Death of Freedom. Introduced by Arise’s Matt Willgress, attendees to the event reported tuning in from 57 different constituencies and 9 countries across the world.
Blakeley outlined how she sought to ‘challenge some of the biggest false narratives around economics’ with the book, including that socialism is purely defined by large state involvement in the economy and that capitalism can fundamentally be relied upon to deliver freedom. Emphasising the importance of analysing whose interests the state serves to understanding an economy, she pointed to an example of multinational corporation in aerospace manufacturer Boeing, arguing that its ties to the US government and military illustrated how many of those who profit the most from the American economy receive significant help along the way. Blakeley also reflected on the role of culture in maintaining the existing system- pointing out that whilst those in power keep it “through cooperation and class solidarity”, whilst promoting “individualism and division” to the majority- and called for an alternative base of pressure to be built up representing their interests.
Corbyn echoed this critique of the US economy’s relationship to the concept of freedom, and pointed to a domestic example of the post-privatisation water industry as an example of a “toxic” link between the government and large private firms. Praising Vulture Capitalism for “calling into question many of the common economic assumptions”, he called for socialists to build greater clarity on the model that they are seeking to develop. Corbyn also shared the emphasis on the role of culture in both maintaining and changing existing orders, highlighting the potential role of the trade union movement and its profile in wider society to “help build a world of solidarity” instead of “worshipping individual wealth and sharp elbows”.
Questions raised by those watching online covered topics including the government’s promotion of Freeports and Special Economic Zones, the economic policy of a likely Labour government, how the left can get its arguments out in the media, building participation in mass organisations, the 1976 Lucas Plan, international co-operation, democratic reforms, and building a culture of unity.
Blakeley argued that the creation of Freeports and Special Economic Zones illustrated how freedom for capital is prioritised above all else, and also emphasised the importance of understanding imperialism to any serious economic analysis. Calling for the left to throw itself into institutions based on collective interests, she warned that without a movement for positive change rooted in communities the growth of reactionary politics was likely.
Corbyn slammed Freeports as “being based on the illusion of development when in reality they represent an abdication of responsibility”, and called for “a message based on hope”- reflecting on how during his time as Leader of the Labour Party he aimed to make it a “community-based force”. Noting the successes of the social movement model of Brazilian trade unionism in defeating the Bolsonaro government, he raised the possibility of calling ‘People’s Forums’ in developing a sense of shared interest and participation. After commending Blakeley’s book for “giving us a greater understanding of the situation”, he concluded by stating that it was “our job to turn it around”. You can watch the full event below.
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