Faculty of Arts and Broadbent welcome Grace Blakeley as 2025 Ellen Meiksins Wood Recipient

An age of political and financial crises, globalization and hyperindividualism has given rise to hopelessness, argued Tribune Magazine writer Grace Blakeley during her candid and erudite lecture at Toronto Metropolitan University (TMU). 

It is this hopelessness, she argued, that poses a great threat to our democracy. “I think the main issue threatening democracy today is not just inequality,” remarked the newly named Ellen Meiksins Wood Prize recipient, “it’s inequality in the context of the decline of collective power” (28:58-29:09). 

On Tuesday, May 20, 2025, the Faculty of Arts, in partnership with the Broadbent Institute (external link) , hosted the annual Ellen Meiksins Wood Lecture (external link) . Named in memory of the late Ellen Meiksins Wood, a historical scholar and a cherished friend of the Broadbent Institute, the Ellen Meiksins Wood Prize is awarded annually to an academic, labour activist, or writer who has made significant contributions in political theory, social or economic history, human rights, or sociology. Awardees exemplify the values inherent in the scholarship of Meiksins Wood, “one of the left's foremost theorists on democracy and history,” who championed the belief that “democracy always has to be fought for and secured from below, never benevolently conferred from above.”

The 2025 recipient of the Ellen Meiksins Wood Prize is Grace Blakeley (external link) . Blakeley is a staff writer at Tribune Magazine, the former economics commentator for the New Statesman, and a former Research Fellow at the Institute of Public Policy Research. Blakeley is a prolific contributor to political and economic journalism, frequently appearing in UK and international media and the author of numerous books, most recently: Vulture Capitalism: Corporate Crimes, Backdoor Bailouts and the Death of Freedom (2024). 

With over 140 in attendance, the Sears Atrium was brimming with community members. In its third year hosting the Ellen Meiksins Wood Lecture, the Faculty of Arts has significantly strengthened its partnership with the Broadbent Institute. The annual collaboration is meaningful in recognizing Meiksins Wood’s legacy and abiding engagement with thinkers, scholars and activists who strive for a just democracy. “What makes her writing so compelling is that it is just so deeply researched and effortlessly articulated,” remarked Jen Hassum, Executive Director of Broadbent Institute, during her introduction. “What makes Grace’s work so powerful,” reflected Interim Dean of Arts Amy Peng, “is that she doesn’t just explain what’s wrong, she challenges us to think about how we can do better and build something more just.”

The legacy of Meiksins Wood’s political thought was threaded throughout the lecture. In particular, Blakeley noted that Meiksins Wood’s “understanding of the relationship between capitalism, class and democracy” (10:34-10:41) profoundly influenced her thinking.

Reflecting on her book Vulture Capitalism, Blakeley argued that “we don’t have real democracy” (14:14), which the late Meiksins Wood characterized as “direct, popular power” (14:56). Instead, Blakeley argued, we live in an age of pervasive inequality—the concentration of wealth in a small subsect of elites, widespread poverty, and deep insecurity. 

“[The book] argues that capitalist societies are characterized by a form of oligarchic centralized planning in which public and private institutions work together to plan who gets what,” stated Blakeley. “[This] takes place within large monopolistic corporations but also in the way in which those corporations consolidate the wealth and power of those at the top. And this is completely contradictory to the way Ellen Meiksins Wood understood democracy” (14:20-14:49).

For Blakeley, none of this is new. She argued that capitalism has been working as it was designed, and while ebbing and flowing, the outcome always remains consistent. From modern examples such as Boeing to British Imperialism, Blakeley captivated attendees' attention. 

During her lecture, Blakeley identified three main challenges that are contributing to a profound crisis for democratic institutions:

“We’re living through a period of low productivity combined with a series of economic and political crises that have meant that there is less to go around” (19:48-19:55). Blakeley argued that scarcity and increasing inflation enforce a “zero-sum politics,” exacerbating class conflict (20:48).

“Globalization has meant that these inequalities are becoming concentrated in particular places…giving rise to the metropolitan elite discourse that divides peripheries from the centers of our countries” (21:02-21:22). This phenomenon, Blakeley pointed out, is prevalent across the UK, Europe and North America. 

“We live in an age of individualism, which makes people feel powerless to challenge those at the top” (21:50). Blakeley spoke directly to the complex challenges in the current political climate that have diminished solidarity and contributed to the pervasive feeling of ‘hopelessness’ that has discouraged the working class from mobilizing for change. Blakeley fiercely critiqued the idea of structuring society as a marketplace, where individuals constantly compete to increase their human capital in a “rigged” economy. Instead, she offered a glimpse into the potential of collectivism, shifting the question from “What can I do?” to “What can we do?” Speaking to the audience, but more specifically to the next generation, Blakeley offered a call-to-action to counter an age of isolation:

Watch the full recording of the 2025 Ellen Meiksins Wood Lecture with Grace Blakeley. (external link)