Bandit Capitalism: Carillion and the Corruption of the British State

The collapse of construction giant Carillion in 2018 due to financial misconduct and government contracts exposes the flaws in the state of contemporary capitalism. The book "Bandit Capitalism" by Bob Wylie highlights the lawlessness and rise of the British Oligarchy, warning of the consequences for the future.

\n Format: Paperback / softback
\n Length: 304 pages
\n Publication date: 10 September 2020
\n Publisher: Birlinn General
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The collapse of the construction giant Carillion in January 2018, which was an outsourcer of massive government building contracts, is one of the most significant financial scandals of modern times. When it folded, it had only £29 million in the bank and debts and other liabilities totaling a staggering £7 billion. When the total losses were counted, it was established that the banks were owed £1.3 billion in loans, and there was a £2.6 billion hole in the pension fund. As a result, British taxpayers were left picking up the tab to salvage the pensions owed to Carillion workers.

On a superficial level, this story resembles a familiar tale of directors who systematically looted a company for their personal gain. However, when viewed in a broader context, the Carillion catastrophe sheds light on the numerous issues plaguing our society today. The free-for-all of company laws that govern directors' dealings, the ineffective regulators, the lack of consequences for the Big Four auditors, and the government's reliance on a broken model inherited from a political ideology it cannot abandon are all exposed. Through the narrative of Carillion, Bob Wylie exposes the lawlessness of contemporary capitalism, which is enabled by hapless politicians, and serves as a warning for the future that must be heeded.

Bandit Capitalism provides a detailed account of the rise and rise of the British Oligarchy. It sheds light on the intricate web of connections between politicians, business executives, and financial institutions that have shaped the country's economic landscape. The book meticulously documents the strategies employed by the oligarchs to consolidate their power and influence, including the use of political patronage, regulatory capture, and corporate governance practices that prioritize short-term profits over long-term sustainability.

One of the most striking aspects of Bandit Capitalism is its analysis of the impact of these practices on ordinary citizens. The book highlights the ways in which the oligarchs have exploited the system to their advantage, leaving ordinary workers and families struggling to make ends meet while the wealthiest individuals and corporations reap massive profits. The book also exposes the ways in which the government has failed to hold the oligarchs accountable, allowing them to operate with impunity and further eroding the trust of the public in democratic institutions.

In conclusion, Bandit Capitalism is a powerful and eye-opening book that provides a comprehensive account of the rise and rise of the British Oligarchy. It sheds light on the lawlessness of contemporary capitalism, the erosion of democratic institutions, and the impact of these practices on ordinary citizens. The book is a must-read for anyone interested in understanding the current state of our society and the challenges we face in the years to come.

\n Weight: 400g\n
Dimension: 152 x 232 x 29 (mm)\n
ISBN-13: 9781780275963\n \n