Capitalism: A Ghost Story

Posted 22nd March 2012

This article appeared on Information Clearing House on 21st March 2012 – it is posted here in full just in case it gets removed which would be a tragedy.  Arundhati Roy writes incisively and in beautiful prose.  It is long but it is well worth persevering to the end:
http://www.informationclearinghouse.info/article30877.htm

Rockefeller to Mandela, Vedanta to Anna Hazare…. How long can the cardinals of corporate gospel buy up our protests?

By Arundhati Roy

March 21, 2012 “Outlook India” – – Is it a house or a home? A temple to the new India, or a warehouse for its ghosts? Ever since Antilla arrived on Altamont Road in Mumbai, exuding mystery and quiet menace, things have not been the same. “Here we are,” the friend who took me there said, “Pay your respects to our new Ruler.”

Antilla belongs to India’s richest man, Mukesh Ambani. I had read about this most expensive dwelling ever built, the twenty-seven floors, three helipads, nine lifts, hanging gardens, ballrooms, weather rooms, gymnasiums, six floors of parking, and the six hundred servants. Nothing had prepared me for the vertical lawn—a soaring, 27-storey-high wall of grass attached to a vast metal grid. The grass was dry in patches; bits had fallen off in neat rectangles. Clearly, Trickledown hadn’t worked.

But Gush-Up certainly has. That’s why in a nation of 1.2 billion, India’s 100 richest people own assets equivalent to one-fourth of the GDP.

The word on the street (and in the New York Times) is, or at least was, that after all that effort and gardening, the Ambanis don’t live in Antilla. No one knows for sure. People still whisper about ghosts and bad luck, Vaastu and Feng Shui. Maybe it’s all Karl Marx’s fault. (All that cussing.) Capitalism, he said, “has conjured up such gigantic means of production and of exchange, that it is like the sorcerer who is no longer able to control the powers of the nether world whom he has called up by his spells”.

In India, the 300 million of us who belong to the new, post-IMF “reforms” middle class—the market—live side by side with spirits of the nether world, the poltergeists of dead rivers, dry wells, bald mountains and denuded forests; the ghosts of 250,000 debt-ridden farmers who have killed themselves, and of the 800 million who have been impoverished and dispossessed to make way for us. And who survive on less than twenty rupees a day.

Mukesh Ambani is personally worth $20 billion. He holds a majority controlling share in Reliance Industries Limited (RIL), a company with a market capitalisation of $47 billion and global business interests that include petrochemicals, oil, natural gas, polyester fibre, Special Economic Zones, fresh food retail, high schools, life sciences research and stem cell storage services. RIL recently bought 95 per cent shares in Infotel, a TV consortium that controls 27 TV news and entertainment channels, including CNN-IBN, IBN Live, CNBC, IBN Lokmat, and ETV in almost every regional language. Infotel owns the only nationwide licence for 4G Broadband, a high-speed “information pipeline” which, if the technology works, could be the future of information exchange. Mr Ambani also owns a cricket team. Continue reading