Capitalism, Democracy, and Territorial Forms of Exception

This review article assesses the core arguments of Quinn Slobodian’s Crack-Up Capitalism. In this book, Slobodian identifies and analyses territorial forms that are central to the creation of capitalist zones of exception that, to a large extent, sit outside the reach of political democracy: ‘islands’, ‘phyles’, and ‘franchise nations’. This article argues that Slobodian’s analysis of these territorial forms – which have been designed to enable the extraction, accumulation and protection of capital to the benefit of the super-rich – is a valuable addition to the existing literature on neoliberalism and libertarianism. However, further conceptual and theoretical work is needed to connect these territorial forms to existing analyses of capitalism, sovereignty and exception that address long-standing historical and political tensions between capitalism and democracy.