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“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.”