Profits of Doom by Antony Loewenstein

Profits of DoomMelbourne University Publishing
9780522858822 (paperback)
9780522864366 (ebook)
August 2013

In Profits of Doom, Antony Loewenstein investigates the effects of predatory, vulture or disaster capitalism on individuals, communities, the environment, and future prospects of entire countries. Loewenstein’s work is powerful because he goes to Afghanistan, Christmas Island, Papua New Guinea, and other places ravaged by greed, corruption, complacency, and misdirected aid. He takes us there, and he talks to people at all levels, unafraid to present us with opinions that contradict his own (though reinforcing his own argument effortlessly through the picture he paints of the damage done).

In Australia, he visits detention centres, exploring the effects (on the detainees, the staff, and the wider community) of privatisation, revealing the fact that companies with dodgy track records are still given contracts. To avoid fines, there is also a culture of dishonesty: ‘… cover-ups of breaches [such as incidences of abuse] are routine and both tolerated and implicitly supported by the highest echelons of the Serco [company] hierarchy’. Loewenstein discovers a general ignorance of asylum seekers’ rights in order to maximise profits (ie. drawn-out processing times), and a dehumanisation of asylum seekers who, at the top, are referred to as ‘products’.

In Papua New Guinea Loewenstein visits ‘an abandoned wasteland’, Bouganville, where there are talks to reopen the mine which caused so much strife and continues to effect the environment. Disaster capitalism, as Loewenstein describes it in regards to PNG, is predatory corporations supported by foreign aid payments and tax concessions, insulated from media and political scrutiny, preventing a country from reaching true independence. In another village, Loewenstein hears of women selling their bodies for food because the company that has moved in has stopped them from fishing.

In Afghanistan Loewenstein looks at the local war economy, investigating private security personnel—their role in the conflict, how the officials see it and how the locals do.

In Haiti Loewenstein finds large parts of the capital Port-au-Prince still in pieces after the 2010 earthquake, and provides many examples of ‘canny capitalists sifting through the ashes of disaster, looking for business opportunities’. For those who argue in favour of job creation when multinationals move in, Loewenstein has found that it’s more likely that cheap, exploitative labour is the effect, in vulnerable areas, tying locals to an (often restricting, often polluting) corporation, removing other chances of sustainable growth in a community.

Loewenstein uncovered an unfortunate structural failure where many big NGOs (not all, there are some great examples of on-the-ground charities working with locals in the book) act as conduits to ensure Western business interests.

Profits of Doom provides essential, eye-opening information about systems of exploitative capitalism, how they operate, who profits, and the effects on the ground. It’s written in an accessible, engaging style, with quotes from people at all levels, and Loewenstein’s first-hand observations and experiences. I was a big fan of his 2008 book The Blogging Revolution, and will continue to read the work of a journalist whose concerns are undeniably relevant, who investigates and presents cases with care, rigour, and verve.

Antony Loewenstein’s website/blog is always a great source of information on current events.

Loewenstein will also be appearing at the 2014 Perth Writers Festival.

2 thoughts on “Profits of Doom by Antony Loewenstein

  1. Pingback: Never ignoring the realities of vulture capitalism — Antony Loewenstein

  2. Pingback: Light the Dark: Perth vigil for Reza Berati and asylum seekers | LiteraryMinded

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