“Hochschild insists on calling the EIC an example of “colonialism”, stretching the term beyond its meaning. European colonies were governed by and accountable to the institutions of a liberal state at home. That was the fundamental structural fact of a European colony, meaning the characteristic that explains its behavior. This fundamental fact was absent from the EIC. This explains its evolution and eventual takeover by Belgium. The EIC was a second-best solution to the absence of colonialism. Hochschild will have none of it because his intention all along was to use his tale as an indictment of European colonialism ( “A Story of Greed, Terror, and Heroism in Colonial Africa”, as the subtitle put it). A fevered ideological agenda does not collapse a valid conceptual distinction.”