A talk on a new book by Pepper Culpepper on how corporate scandals could be used to save liberal “democracy”. This talk is the familiar liberal fantasy of elitist institutions like the Blavatnik School, Oxford. Culpepper and co author Lee reframe disasters from Enron to Cambridge Analytica not as structural failures of a system built to concentrate power, but as healthy “corrections” that supposedly can be used to renew democracy.

In this telling, public anger is something to be safely channelled into regulation, corporations remain indispensable, and democracy survives as a managerial process overseen by the normal policy priests. It is #deathcult logic, polished by worshipping the system and denying its violence, to treat recurring catastrophe not as proof of collapse, but as evidence that the machine still works – if only the right people are allowed to control it.
The Blavatnik worldview in one sentence, is “Capitalism is broken, but only experts can fix it, and only without threatening those who benefit from it.” Everything else is ornamentation. The tone is elitists pessimism dressed as realism, the talk opens with managed pessimism “Yes, things are bad…” “…but lives are improving” “…and the liberal order still basically works” “…we just need better policy”. Democracy is talked about constantly, but control is never offered.
This is the #deathcult chant, not apocalyptic enough to demand rupture, not hopeful enough to empower people. It’s pessimism that justifies elitist management, not any real change. They talk endlessly about democracy, but notice how it’s framed: Democracy = policy capacity, regulatory competence, party systems and institutional continuity. Democracy is not found in real popular control, public ownership, exit, refusal, redistribution, or any material power. People appear only as voters, outrage generators, legitimacy providers, but never as agents who might take control. This is the tradition of social democracy as crowd management, not any idea or path to self-rule.
The book is about the worship of policy nerds vs fear of the #techbrow, but there’s a strange inversion at work, that billionaires are dangerous, #techbros are reckless and markets run amok. Therefore, “We need policy experts to save us.” But policy experts who can circulate through the same elitist institutions, depend on the same funding ecosystems and never really threaten ownership or accumulation. This is instead of the needed public vs concentrated power, in the book, it’s an intra-elite turf war, sold as democracy. In this conflict, yes, capitalism is “broken” – but only as a governance problem to solve.
They get very close to truth here: “Capitalism is a minority of people with a lot of power, unafraid to use it.” But then they refuse the logical conclusion, if that’s true, then regulation is insufficient, accountability requires ownership change and democracy requires material leverage. Instead, they pivot to stakeholder capitalism, public capitalism and value generation as a path to “put capitalism back on its feet”. This is #CPR for a system that’s killing people, while insisting it must stay alive. Public capitalism is a bloodless fantasy that sounds radical. It isn’t. The public gets, exposure, risk, volatility while the elitists keep control and agenda-setting. It is inequality, endlessly acknowledged, but never touched. That’s not realism, it’s the normal elitists preference disguised as inevitability.
There is a very real fear of autocracy, but not of oligarchy, they are worried about autocracy, but they are not worried enough about billionaires controlling media, capital, thus veto over policy, regulatory capture and economic coercion. Why? Because oligarchy is their ecosystem. Autocracy is framed as something external, crude, foreign, where oligarchy is polite, networked, respectable… and pays for book launches at the Blavatnik School.
“Good populism” is outrage without power, they believe that outrage can be used to drive there very narrow idea of reform, scandals activate latent public virtue, anger can be “harnessed” as a temporary fuel for elitist balance. The public is a matchstick, not a fire to open up a space for their children, the future“policy entrepreneurs”, rich enough to volunteer, bored enough to care and insulated enough to fail, its politics as a hobby of the ideal rich.
In the Q&A they talk about media fragmentation = democracy in trouble (but not elitist paths). They worry we “can’t agree on facts”. But they don’t worry about who owns platforms, who shapes narratives, who funds think tanks, who sets the Overton window. Fragmentation is blamed on the public, concentration is never blamed on capital. Then we have #AI outrage already being pre-neutralised, the AI bubble “will pop”, they say. The question is “How do we use that outrage?” Not, how do we let people decide, how do we transfer control, how do we prevent enclosure in the first place.
Outrage is something to channel, not to follow, managerial politics in its purest form. They fall back on the Churchillian cop-out, the old line “Democracy is the worst system except all the others.” Which, in practice, means, lower expectations, accept elitist rule to manage decline politely.
In this, corporations are treated as unavoidable, people are treated as incapable, you get a strong feeling that this is it is not democratic theory, rather paternalism with footnotes. The core lie is unspoken underneath everything, “We can fix capitalism without shifting power.” Every answer assumes that capitalism must remain, corporations must remain, and that the elitists must mediate and guided the public to this end.
Final diagnosis is Its elite self-soothing, they aren’t wrong that the system is broken, they’re wrong about who is allowed to fix it.
DRAFT #Oxford











