The saying “Money makes the world go round” takes a more powerful meaning in a globalized capitalist economy. But what happens when the ones at the very top of the money chain are corrupted? In this month’s book bundle, we share with you three books that explore the influence of the rich and powerful, discuss how the world really goes round, and expose the staggering cases of how corruption hides itself often in plain sight with its effects rippling into the depth of systems, societies, and the lives of each one of us.

T

he COVID19 pandemic revealed to many an eye-opening trend of wealth centralization: the rich are getting richer, and governments around the world are hardly able to protect those who are most vulnerable from the detrimental economic and social effects of a crisis. Who is the culprit?

The New York Times‘s award-winning global economics journalist Peter S. Goodman presents a page-turning exposé of the global billionaire class, the “Davos Man,” and its hostile takeover of the world. Davos Man documents billionaires’ exploitation of the COVID19 pandemic, which turned “taxpayer-financed bailout packages into corporate welfare schemes.” This global billionaire class instrumentalized its power to conceal the truth by hiring lobbyists, PR managers, and journalists in media.

Furthermore, Goodman uncovers the concealed impacts of their oligarchic control reaching into every branch of society and modern life, from wages to housing, healthcare to everyday products and taxation. He argues that their systematic plunder ultimately destabilized democracy by widening wealth inequality, leaving governing systems vulnerable, and triggering the rise of anti-democratic nationalism. He provides the answer to the problem of wider context: how did the liberal democratic order become a breeding ground for the right-wing hate?

Goodman not only provides a vividly written description of the realm of the ultra-rich but more importantly the realities of those who are dissipated by their appropriation all around the world including accounts from a blue-collar worker in Buenos Aires, a Bangladeshi migrant in Qatar, a doctor in Seattle during the COVID19 pandemic, an African immigrant in Sweden, a textile manufacturer in Italy, and an Amazon warehouse employee in New York City. Davos Man is a must-read for those concerned about inequality, economic justice, the resilience of societies, democracy, and the great challenges of our time.

Peter S. Goodman, Davos Man: How the Billionaires Devoured the World (Custom House 2022) ISBN: 9780063078314, 472 pages

The anonymous leak of the Panama Papers in 2016 revealed millions of financial and legal documents that show how ultra-high-net-worth individuals hide their money using complex webs of offshore vehicles. How were these structures set and who plays a role?

Spiderweb Capitalism uncovers the shadow economy and the mechanics behind the illicit movement of wealth across borders through the invisible, complex networks of lawyers, accountants, company secretaries, and fixers.

Sociologist Kimberly Kay Hoang traveled the globe to follow the money through a web-like supersystem and conducted hundreds of in-depth interviews with these ultra-high-net-worth individuals, private wealth managers, fund managers, entrepreneurs, C-suite executives, bankers, auditors, and other financial professionals to find an answer.

Hoang reveals the strategies behind spiderweb capitalism and examines the moral dilemmas of making money in legal, financial, and political gray zones as she traces the flow of capital from offshore funds in places like the Cayman Islands, Samoa, and Panama to special-purpose vehicles and holding companies in Singapore and Hong Kong and risky markets in Vietnam and Myanmar. How are these smaller markets interconnected in a broader system of global capitalism?

Spiderweb Capitalism sheds critical light on how global elites capitalize on risky frontier markets.  Hoang argues that spiderweb capitalism explains the rapid rise of foreign capital in risky markets with low levels of trust and cooperation. Economic growth in such markets is a consequence of tightly embedded relations between the economic elite and political elites that result in a variety of corruptions.

Contrary to the “economic mantra that development can only occur in economies with a strong rule of law,” Spiderweb Capitalism shows a paradox of global economic growth sustained through states where the line separating the legal from the corrupt is not always clear. Hoang’s research further reveals that old paradigms like First World/Third World and Global North/Global South are no longer useful for framing the global economy.

Spiderweb Capitalism is a unique and worthwhile read, not only uncovering the dynamics of a global system of corruption but also the sociological backgrounds of playing in the grey.

Kimberly Kay Hoang, Spiderweb Capitalism: How Global Elites Exploit Frontier Markets (Princeton University Press 2022) ISBN: 9780691229119, 288 pages

I

n Philanthrocapitalism and the Erosion of Democracy, activist Dr. Vandana Shiva compiles essays and articles from more than 20 authors and organizations to show how ruthless capitalistic exploitation branded as philanthropic altruism forges a direct path to global destruction. According to David Orr, philanthrocapitalists are those who “promise to solve hunger, disease, poverty, and a rapidly destabilizing climate often by selling us more of the same things that made them very rich,” which oftentimes ignores the root causes and inequities.

How do global capitalists wield philanthropy to monopolize and privatize land use, food production, and the public health sector effectively? Through various initiatives, suborganizations, development schemes, and funding mechanisms. The book points out that the Bill & Melinda Gates Foundation’s empire, in particular, is an intricate network of power and influence solidified by targeted and well-financed PR campaigns to shape public opinion in pursuit of profit and market expansion.

Philanthrocapitalism and the Erosion of Democracy criticizes the Bill & Melinda Gates Foundation and similar organizations’ many privileged relationships with private companies, governments, and the World Health Organization that allow them exclusively to set the global agenda on health. The book argues that simplified solutions based on technical and scientific developments introduced by these organizations are often narrow in scope and remain insufficient in solving complex problems. Furthermore, they corrode the integrity of democratic institutions guised under a banner of future-oriented innovation.

Philanthrocapitalism and the Erosion of Democracy reveals the destructive power of overly capitalistic systems that enable mass human suffering and environmental catastrophe via the entanglement of private investment and public policy, and aims to bring forward democratic discussions about transparency, accountability, and inclusivity.

Vandana Shiva, Philanthrocapitalism and the Erosion of Democracy: A Global Citizen’s Report on the Corporate Control of Technology, Health, and Agriculture (Synergetic Press 2022) ISBN: 9780907791911, 240 pages

The U.S. covert war against NATO ally Turkey gained a new dimension when U.S. President Joe Biden used the word “genocide” for the mass deportation of Ottoman Armenian subjects in 1915. Why did Biden add another thorny issue to the bilateral relations between Washington and Ankara, which are already at a low, at a time when he wants to contain Russia’s and China’s increasing influence? How will Washington’s unilateral actions against Turkey effect that policy? And, most importantly, should Turkey consider Biden’s statement as a serious affair?

The horrific events that took place in 1915, during the last years of the Ottoman Empire, and how to identify them has been a problem between the U.S. and Turkey for more than three decades. Each year, on April 24, all eyes turn to Washington to see if the U.S. administration will declare that a “genocide” was perpetrated against Ottoman Armenians in Eastern Anatolia.

Previous U.S. administrations have not used the term genocide in formal statements amid concerns over damaging relations with Turkey, a NATO ally. But this year, President Joe Biden became the first U.S. president to recognize the horrific events in 1915 officially as a “genocide,” risking another potential fracture with Turkey. In his statement, Biden said the intention was “not to cast blame but to ensure that what happened is never repeated.” He also referred to Istanbul as “Constantinople” which also drew criticism, since the latter is a word Greeks use for Turkey’s biggest city.

Reports in the U.S. media quoted diplomatic sources saying that Biden’s words “our aim is to not cast blame” can be understood to mean that he does not want to hold Turkey responsible.

But this is not the case…

The issue is highly sensitive. Turkey does not deny the suffering of Armenians in WWI. Turkish President Recep Tayyip Erdoğan reiterated this in a letter to the Armenian Patriarch of Turkey and to Armenia, and called once again for the formation of a joint commission of historians and academics to analyze the national archives of Turkey, Armenia, and the related countries. Unfortunately, Turkey’s calls have not been accepted by Armenia as of today.

In 2016, Kamala Harris had reaffirmed her commitment to proper recognition and a resolution for the “Armenian genocide.”

There are many ways to explain why Biden used the word “genocide.” It is clear that Vice President Kamala Harris and House Speaker Nancy Pelosi were fully committed to the recognition of that so-called genocide. For the record, we should keep in mind that Kamala Harris met with members of the Armenian National Committee of America – Western Region (ANCA-WR) as attorney general of California when her campaign for U.S. Senate kicked into high gear in 2016, where she reaffirmed her commitment to proper recognition and a resolution for the “Armenian genocide.”

Given that an international judicial mechanism should decide what happened in 1915, documents, books, testimonies, and archives are the most reliable sources to base this decision on. Well-known historians like Bernard Lewis, Stanford Shaw, Heath Lowry, J.C. Hurewitz and Justin McCarthy openly stated that what happened in 1915 cannot be described as “genocide” once the archives and testimonies of the Armenians and the Ottoman Muslims are studied in detail without prejudice.

Documents and books like The Armenian Revolutionary Federation (Dashnaktsutyun) has Nothing to Do Anymore written by Hovhannes Kajaznuni, the first prime minister of Armenia, are why Armenia does not want to open its archives for research and why the Armenian diaspora prefers lobbying and narratives over academic panels and historical documents.

As a co-founder of the Dashnaktsutyun Party, Kajaznuni presented his views about what really happened in 1915 and how they were deluded by the Russians and the British, during the party’s congress held in Bucharest in 1923 as a manifesto His statements shine a spotlight on the historical background behind the Ottomans’ decision to relocate Ottoman Armenian citizens. He said, “The dream of an Armenia that spans from sea to sea is the reason why we rebelled. We are the cause of the incidents. We were duped. The relocation implemented by the Turks was an appropriate measure. We should not look for a culprit, it is us. We lived together of centuries, now we can’t even look the Turks in the face.”

These confessions caused a great uproar among the members of the Dashnaktsutyun Party and almost all the copies of Kajaznuni’s book were collected from the libraries across Europe in the late 1920s. In 1955, in New York, the book was republished in English by the Armenian Information Service, this time excluding his original words.

There are many documents about the events of 1915 that should be brought to the attention of the public on both sides. The formation of a joint committee of historians is the only just, reliable, and humane way to define what really happened. Any evaluation without a legal landmark such as Biden’s unilateral decision, will only make things worse.