Friday, August 12, 2011

Market’s orphans

When one sees the rioting, the impunity with which the youngsters loot around the streets of a rich country, you know there is a problem. And the problem is not about social disparity and the alienation therein that is common to all the societies across the world, the case here is definitely not about abject disparity. The reason very likely is relative disparity (need to add here that compared to societies like India they are significantly rich and enjoy better living conditions despite notions of disparities) therefore it is psychological in nature than societal, things like greed, jealousy...that market thrives on. It also breeds exaggeration, a mirage created that the youngsters in all likelihood want to grab. It’s about seizing the opportunity, context though keeps changing as the situation. Ethics are expendables. So it is not surprising that law becomes an ass to fool around. In the free market society laws are indeed looked down upon since it asks for discipline –hints of responsible behaviour. Somewhere there is an understanding that market comes closer to freedom than democracy -in some circles democracy is even seen as a hindrance as much as compassion is an unprofessional conduct. Market we are told replicate/cater to deeper human sentiments, therefore true nature.

We all want to live in a free world. Flying around like birds, flitting, chirping and doing whatever one feels like. O whatever a wonderful world that is. But one realises even in this world with all seeming of freedom lies some laws. It is called law of nature –hinged on as it is on sustenance, at a more elemental level referred to as principals of nature/physics that great scientists have spent their lifetime decoding, in the meanwhile inventions percolates into our physical comfort. The problem begins when you start to define values from utilitarian context and try to find greater truth within this parameter. Then you justify irresponsible behaviour (like for instance wanton waste...i would like to give an example from mainstream market here: car racing, for instance. It is not only insulting common sense, but this juvenile affliction is a serious threat to Nature and responsible behaviour that is sought to be inculcated). The distinction between need and greed is blurred hence what is appropriate. In the market context it is an invitation to loot. In a ‘normal’ market driven world this is confined to the richer class. The system sustains the rich (in India some even have the audacity to initiate “whether crackdown on corruption harming economy”!!). Sometimes crack start to show in this economic system they call it by different names “recession” “downturn” “meltdown” so on. Herein they want us to increase our consumption, so that there is a demand, so that they can produce more and sell, therefore the system is back to normal. It depends on how much we consume, the more the merrier. They have borrowed so much that unless gargantuan consumption they will collapse. Could you believe this? More ridiculous, it seems, is that world economy is very much dependent on consumption by Americans, otherwise it sends “jitters” around the "world stock". So what I have gathered is: more the Americans consume safer the world. As Mr. Bush put it so very eloquently a decade back “go out and shop!”.

And then there are occasions wherein there is complete break down and lumpen get justification, and the loot becomes less sophisticated and rather apparent. It makes a compelling viewing...hooded ruffians, burning shops -unlike the usual board meetings of Dow Chemicals. The kids brought up in market mirage that pumps one line exaggerations -a different world all the while all the time, are now abandoned on the street. Its like "you got to take care for yourself we aren't bothered". Thus market's orphans. It is a terrifying reality that creates violence as a viable option.
I am wondering, since we live in moral vacuum, do riots and looting fuel demand? Replenishment means increased demand. Does the despicable events in London actually helping the economy in the long run? The way the system works, it is very likely. Therein lies the problem.