Masters of the Universe

masters of the universe 2

If the rich can’t save the world, how about the CEOs? They know how to get things done – how about we let them take a crack at it?

That kind of thinking has become “powerful in the public consciousness,”  say the authors of CEO Society:  The Corporate Takeover of Everyday Life, Peter Bloom and Carl Rhodes (2018):

“CEOs epitomize this fantastical figure of the empowered sovereign. Their vaunted decisiveness, guiding vision and ability to proverbially ‘get things done’ speak to this deeper aspiration for being the master of capitalism rather than its mere slave or apparatchik.[1]

“It is no surprise that many people seeking to become more powerful themselves would look to CEOs as heroes and role models.

“Perhaps the most evocative, if not foretelling, in this regard, was Tom Wolfe’s portrayal of stockbrokers and financiers as the new ‘masters of the universe’. [2]

“In the decades since Wolfe’s era-defining novel, the business executive has become the stuff of dreams on a much broader scale than the novel could have imagined.

“The CEO is the ultimate contemporary figure of power. CEOs, in their ideal form, have the ability to thrive in the market, save companies, and spread their influence across the world.”

Nothing wrong with solving the world’s intransigent problems, but watch out:  CEO power degrades into elitism in the marketplace and authoritarianism in politics:

“The marketization of global charity and empowerment has dangerous implications that transcend economics. It also has a troubling emerging political legacy, one in which democracy is sacrificed on that altar of executive-style empowerment. Politically, the free market is posited as a fundamental requirement for liberal democracy. However, recent analysis reveals instead the deeper connection between processes of marketization and authoritarianism…

“The image of the powerful autocrat is, to this effect, transformed into a potentially positive figure as a forward-thinking political leader who can guide their country on the correct market path in the face of ‘irrational’ opposition.

“[For example,] Rwanda is led by the autocratic President Paul Kagame, a close personal associate of former President Bill Clinton whom the New York Times has described as the “Global elite’s favourite strongman.” In the face of mounting criticism of this relationship, “Clinton has privately praised Kagame as someone who can “GSD” (get stuff done). One supporter, Gerald Mpyisi, the managing director of the Institute of Management and Leadership, defended Kagame’s methods in explicitly corporate terms:

‘The president is running the country like a CEO of a company who ensures that every director is accountable for their department. That is why, despite the lack of resources, you still find things happening. I believe for a country in the third world to develop there has to be a certain a certain element of organizing the population. The west tries to use its standards in the developing world and it isn’t fair.’”

Apparently the prospect of being in a position to get things done is irresistible. U.K. politician Boris Johnson once said, “I have as much chance of becoming Prime Minister as of being decapitated by a frisbee or of finding Elvis.” Now he’s the odds-on favorite to become just that. Either he actually did find the King or he’s taking to heart something else he said — back in 2008, just after the Great Recession:  “No matter how much you may dislike the Masters of the Universe, my friends, there are plenty of other parts of the universe that would welcome them.”

Meanwhile, on this side of the Pond, we have CEOs running for the ultimate corner (oval) office.

“Here’s an argument for billionaires in politics, at least as long as they made their fortunes themselves: It takes an incredible work ethic, good management skills, dedication, and a gift for setting priorities to turn a small company into a prosperous multinational one. Those all seem like skills that’d be useful in politics too, right?

“This is the case Perot made for himself, starting in 1992. ‘See, there’s a lot I don’t understand,” he said in a debate with George H.W. Bush and Bill Clinton. “I do understand business. I do understand creating jobs. I do understand how to make things work. And I got a long history of doing that.’

“Billionaires since have echoed him. Bloomberg cited the “pragmatic approach” of business leaders. Schultz’s website prominently features his successes at Starbucks. Trump leaned on his business background, telling voters in early campaign ads, ‘My opponents have no experience in creating jobs or making deals.’”

Dear Billionaires: Stop Running For President:  If you’re a billionaire who wants to transform politics and our world, there are better ways. Also, you’ll lose. (Vox, Jan. 19, 2019)

But are those skills really transferable? Again from Dear Billionaires:

“The problem is that it’s not really clear the skills transfer. In the course of their meteoric professional careers, billionaires mostly interact with people who work for or with them, and lots of political concerns that rank highly for everyday Americans aren’t areas they know anything about.”

Besides, is somebody who rakes in thousands of times more than the average person on their company’s payroll really going to understand what’s good for the rest of us? For an opinion about that, see No One Should Earn 1000 Times More Than a Regular Employee (The Guardian, Mar. 20, 2018).

Today, we’ll let Tom Wolfe have the last word on whether the CEOs can save the world:

“The Masters of the Universe were a set of lurid, rapacious plastic dolls that his otherwise perfect daughter liked to play with… On Wall Street he and a few others — how many? — three hundred, four hundred, five hundred? — had become precisely that… Masters of the Universe. There was no limit whatsoever!”[3]

[1] Merriam-Webster:  “Apparatchik:  1. a member of a Communist apparat,  2. a blindly devoted official, follower, or member of an organization (such as a corporation or political party. In the context of the definition of ‘apparatchik’ (a term English speakers borrowed from Russian), ‘apparat’ essentially means ‘party machine.’ An ‘apparatchik,’ therefore, is a cog in the system of the Communist Party. The term is not an especially flattering one, and its negative connotations reflect the perception that some Communists were obedient drones in the great Party machine. In current use, however, a person doesn’t have to be a member of the Communist Party to be called an ‘apparatchik’; he or she just has to be someone who mindlessly follows orders in an organization or bureaucracy.”

[2] Wolfe’s epic satire, Bonfire of the Vanities. You may know that the original bonfire of the vanities occurred in Florence on February 7, 1497, when Dominican friar Girolamo Savonarola sponsored a bonfire of objects condemned by authorities as occasions of sin — cosmetics, art, books… you know, the usual.

[3] Said about bond trader Sherman McCoy.

Can The Rich Save The World? (2)

Clinton and Branson

Not only can’t the rich save the world, but philanthrocapitalism is a ruse to keep the rest of us in our place says former New York Times columnist Anand Giridharadas in Winners Take All: The Elite Charade of Changing the World (2019). The Amazon book blurb calls it “the New York Times bestselling, groundbreaking investigation of how the global elite’s efforts to ‘change the world’ preserve the status quo and obscure their role in causing the problems they later seek to solve.”

This edited extract from the book begins with a recitation of the same economic trends we’ve been following for the past two years in this blog — essentially how the equitable, “floats all boats” neoliberal years melted down in the past four decades of runaway economic inequality. After that, the book’s argument sorts itself into two main points:  however praiseworthy “doing well by doing good” may be, (1) it perpetuates inequality, and (2) it’s taking place off the government ledger, and that’s not how democracy is supposed to work:

“In recent years a great many fortunate Americans have also tried … something both laudable and self-serving: they have tried to help by taking ownership of the problem. All around us, the winners in our highly inequitable status quo declare themselves partisans of change. They know the problem, and they want to be part of the solution. Actually, they want to lead the search for solutions. They believe their solutions deserve to be at the forefront of social change. They may join or support movements initiated by ordinary people looking to fix aspects of their society. More often, though, these elites start initiatives of their own, taking on social change as though it were just another stock in their portfolio or corporation to restructure.

“For the most part, these initiatives are not democratic, nor do they reflect collective problem-solving or universal solutions. Rather, they favour the use of the private sector and its charitable spoils, the market way of looking at things, and the bypassing of government. They reflect a highly influential view that the winners of an unjust status quo – and the tools and mentalities and values that helped them win – are the secret to redressing the injustices. Those at greatest risk of being resented in an age of inequality are thereby recast as our saviours….

“This genre of elites believes and promotes the idea that social change should be pursued principally through the free market and voluntary action, not public life and the law and the reform of the systems that people share in common; that it should be supervised by the winners of capitalism and their allies, and not be antagonistic to their needs; and that the biggest beneficiaries of the status quo should play a leading role in the status quo’s reform.

“This is what I call MarketWorld – an ascendant power elite defined by the concurrent drives to do well and do good, to change the world while also profiting from the status quo.

“The elites of MarketWorld often speak in a language of ‘changing the world’ and ‘making the world a better place’ – language more typically associated with protest barricades than ski resorts. Yet we are left with the inescapable fact that even as these elites have done much to help, they have continued to hoard the overwhelming share of progress, the average American’s life has scarcely improved.”

The New Elites’ Phoney Crusade to Save the World Without Changing Anything, The Guardian (Jan. 22, 2019).

MarketWorld is about putting the fox in charge of the chicken coop; or, as Giridharadas says it, “ the people who broke the progress machine are trying to sell us their services as repairmen.” That’s exactly the point is the rejoinder of the philanthrocapitalist movement, and thus we have yet one more case of polarized assumptions and opinions talking past each other. There’s plenty more where that came from — for example:

The Prosperity Movie’s website declares “It’s not just a movie. It’s a movement.”

“The businesses we showcased in the film are only a handful of the thousands of new and existing companies who are actively trying to make changes in the world around us.

“The challenge we face is simple. We can’t predict the future, but we can help make choices that turn us in the right direction.

“We could feature something cool a company is doing today and, tomorrow they can go off the rails and do something bad.

“Our goal is not to endorse specific companies, but rather reward ANY company making an effort and showing good behavior. Let’s come together and encourage them to continue doing good things… and reward them for that.”

There’s a lot of “good” and “right” and “bad” in that blurb. Says who? On the other side, the title of this op-ed piece tells you all you need to know about its bias:  Tech Capitalists Won’t Fix The World’s Problems — Their Unionised Workforce Might.

So, one more time with feeling:  Can the rich save the world?

It depends who you ask.

Photo:  Bill Clinton and Richard Branson at a Clinton Global Initiative event in New York in 2006. Photograph: Tina Fineberg/AP