23 February 2015

The Myth of the Market

A review of The Myth of the Market by Jeremy Seabrook (Black Rose Books, 1996)

Jeremy Seabrook’s book is a damning indictment of free market economics. He writes as a disillusioned socialist who has witnessed the total capitulation of democratic socialism (and, more recently, totalitarian socialism) to the content, if not the rhetoric, of free market ideology.

The book divides naturally into three parts: an initial analysis of the ideology (or mythology) of the market; a central section in which the author goes ‘walkabout’, illustrating his claims about the shortcomings of the market (or caring capitalism) from first-hand experience of places as diverse as Bombay and Glasgow, Rome and Lapland, even prosperous Illinois furnishes him with ammunition; finally, he reverts to a more analytical approach.

His case against capitalism is that the goods it promises are largely illusory. Far from being the agent of human emancipation, the free market reduces freedom to the freedom to spend (if you have money). It even fails to provide genuine freedom of choice since our spending patterns are increasingly dictated by the advertisers and image makers. Accompanying this narrowing of freedom is the gradual reduction of human beings to consumers: creativity and genuine individuality are crushed as we become increasingly dependent on the market.

The book is passionate, emotive, even tendentious in places. After reading it, I felt battered and depressed by the absence of any alternatives to global capitalism. Seabrook presents a nightmare vision of a global free market leading ultimately to apocalyptic totalitarianism. He does call upon Greens to resist but gives no clues as to how resistance might be organized.

In a sense, he fails to take his own analysis seriously enough. I recognized in his description of the free market all the hallmarks of a religion. Granted he does describe the market as the object of a quasi-religious cult, and he clearly sees the purveyors of fantasy in all its forms as the mediators of a substitute spirituality. However, he seems unaware of the sheer psychological force of a living religion. Money and the market are so successful precisely because they are archetypal in character. If you like, they are the loci of genuine (albeit, demonic) spiritual power. The Bible’s presentation of the first-century Mediterranean economy as Mammon remains uncomfortably relevant in the twenty-first century.

For Christians, this book offers a salutary reminder and a challenge. It reminds us that Western society, far from being secular, is intensely religious. His diagnosis of what ails our society is extremely helpful. However, we must beware of his pessimistic conclusions. The challenge is to show how the good news of Jesus Christ can be a practical and optimistic form of resistance to Mammon/the market.

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