Stocks, Shares and Stories

I have never owned stocks and shares, but I have a sense that the flotation of the Royal Mail reveals something of what is wrong in our society and with modern capitalism. As I understand it, the original idea of stocks and shares was to enable a company to set up business and the shareholders had literally a vested interest in the enterprise. Those who paid the piper called the tune, you might say: managers or directors managed or directed on behalf of the shareholders. But with the growth of capitalism and the flourishing of huge multi-national corporations, the distance between shareholder and manager grew and grew with the result that ownership was separated from overall control. Managers/directors reign supreme and shareholders have become impotent, though with one benefit: the shareholder has exchanged control and responsibility for the delights of liquidity (F. Mount, The New Few). In other words, the shareholder can make a killing and institutional investors make vast fortunes: in the case of Royal Mail, £433m on the first day!

Now there is nothing wrong with this per se, and it is a perfectly acceptable way of investing and making money. However, it seems to me that lack of 'ownership' is a problem becoming endemic throughout society, and our economic system reveals it. There is powerlessness on the part of the many, and increasing power and wealth for the few. Everything is someone else's problem, which leads to the opt-out we are seeing in our political system. In the end, we just play the game and do what's right by ourselves. Or as someone said recently, 'No one believes anything any more'. An overstatement that makes the point.

How refreshing then to see the film Les and I watched at the weekend, Life of Pi. It was a wonderful film, both visually and the plot. Often you asked yourself, 'how did they do that?' - boy and tiger on lifeboat following shipwreck. The best line for me is when Pi describes himself as a Catholic Hindu (or was it Hindu Catholic?)  'I didn't know you could be both,' says his friend. 'Yes,' says Pi. 'I feel guilty before a hundred gods!' Essentially, it is a story about human growth through adversity with a richly spiritual theme, as Pi does battle with what St Paul might call 'the elemental spirits of the universe.' In the end, it turns out there are two versions of  the same story and Pi's friend is invited to choose which he prefers - with or without God? The version with God being the better, according to Pi.