Table Of Contentin$atiable
I N $ A T I A B L E
THE RISE
A N D R I S E O F T H E
G R E E D O C R A C Y
STUART SIM
reaktion books
Published by Reaktion Books Ltd
Unit 32, Waterside
44–48 Wharf Road
London n1 7ux, uk
www.reaktionbooks.co.uk
First published 2017
Copyright © Stuart Sim 2017
All rights reserved
No part of this publication may be reproduced, stored in a retrieval system, or
transmitted, in any form or by any means, electronic, mechanical, photocopying,
recording or otherwise, without the prior permission of the publishers
Printed and bound in Great Britain by TJ International, Padstow, Cornwall
A catalogue record for this book is available from the British Library
isbn 978 1 78023 734 3
CONTENTS
Preface
7
Introduction: Why is Greed an Issue?
10
1 To Defend or Not to Defend Greed?
19
2 Whatever You Desire? The Psychology of Greed
30
3 In the Red Corner, Karl Marx; in the Blue, Adam Smith:
The Economics of Greed
43
4 A World Fit for Shareholders: Greed and the Financial Industry
65
5 Food, Greed and Consequences
79
6 A Bitter Pill? Healthcare and Greed
96
7 From Colonialism to Neocolonialism:
The Politics and Geopolitics of Greed
111
8 International Sport and the Greed for Fame and Success
129
9 The Art of Greed
135
Conclusion: Living with Greed
167
References
177
Bibliography
187
Acknowledgements
193
Index
195
PREFACE
T
he exploits of the character Gordon Gekko in Oliver Stone’s
film Wall Street (1987) have become absorbed into our general
culture, particularly his notion that greed is a socially desirable
trait. He is adamant that ‘greed is good’, and that anyone trad-
ing on the stock market should operate by this principle without
feeling in the least bit guilty about it – because he most definitely
does not. For him, greed is the very driving force of life: it is what
makes individuals tick. Gekko notwithstanding, not too many
people would be prepared to agree with the principle that ‘greed
is good’ – at least, not publicly. Greed has essentially negative
connotations, bringing to mind misers and ruthless capitalists,
and few would want to be described in that way. Their actions,
however, might tell an entirely different story, and it is those actions
that, as this book will illustrate, link the worlds of finance, busi-
ness, economics, international sport and colonial and neocolonial
empires. Underlying all such activity is something even closer to
our own individual experience: human nature. To study greed is
to look deeply, possibly more deeply than we might find entirely
comfortable, into the darker recesses of human psychology, where
our less desirable traits are to be found.
Greed can be disguised behind a wide range of human activ-
ities that individuals can claim are socially beneficial – although
not always sincerely. When these activities are scrutinized more
carefully, however, they can be revealed as much more problematic.
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As a case in point, entrepreneurs, and the business community in
general, argue that without their efforts we would all be much
poorer. They state that the profits they gain personally as a result
are a just reward for the valuable economic growth they promote,
which benefits society by creating jobs and improving living
standards for all. This is essentially the rationale put forward for
neoliberal economics, and it does seem to justify greed no matter
how it is described – a necessary evil perhaps, but necessary all the
same. Avarice may be considered one of the Seven Deadly Sins,
but critics would say that it is necessarily the driving force behind
the current-day stock market, and so we are advised to put aside
any objections we might have. To those involved in this area, the
accusation of being greedy merely signifies jealousy at their talent
for business and the success it has brought them (quite rightly, in
their view). We should be content with the fact that all of us will
gain, in some way or another, from a thriving economy. In a similar
manner, the pharmaceutical giants can claim that the high prices
they demand for new or improved drugs are justified, because it is
in the public interest that they go on investing heavily in research
to develop the next generation of these products: we all gain from
this in terms of our quality of life.
While it cannot be denied that greed existed long before the
rise of neoliberalism or the creation of the stock market, it can be
argued that these generate a sociopolitical climate that appears
actively to encourage greed. When considered objectively, it is hard
not to reach the conclusion that speculation on the stock market
is simply a form of gambling – a trait that is usually frowned upon
in other walks of life. Lose money on the stock market and you
might well elicit some sympathy from your circle of acquaintances;
lose it in a casino, and you would be far less likely to. Like it or
not, however, the stock market is one of the primary foundations
of modern society, meaning that both greed and gambling are
also deeply embedded. The case for and against greed is not as
straightforward as it may initially appear.
8
Preface
Greed might therefore even be considered a socially beneficial
drive – arguably with its roots in the survival instinct, which would
make it a very basic human trait indeed. Any investigation into
the subject of greed has to bear this latter aspect firmly in mind.
Perhaps greed played a key role in the evolution of our species,
guaranteeing that only the very fittest – and best provisioned –
survived? Even misers could claim that being careful with money
makes it easier to survive if hard times ever hit, as we know can
only too easily happen to anyone. Greed would seem to be part of
our psychological make-up and our cultural heritage – as in the
case of colonial and neocolonial greed (see Chapter Seven) – and
we need to come to terms with that. By taking a journey through
greed’s history, we shall discover just what such an accommodation
demands of us.
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