One of the many riots I have witnessed was the 1988 anti-World Bank demonstration in West Berlin. Around 100,000 people showed up to tell the rich that even though they did not understand a thing about economics, they disapproved of them anyway.
For about 10 days they chanted, rampaged and chucked things at the cops. The West German polizei played their part in turn, beating the sense out of any demonstrator unlucky enough to get within baton-range.
I like to think they took to the streets for nobler reasons than the mobs in the streets of London or Athens. After all, demanding an end to Third World debt seems a better excuse for wrecking other people's stuff than wanting Adidas trainers.
But I have to admit their grasp of the economic issues was non-existent, which is mandatory for any aspiring socialist.
As it happened, their chants soon became irrelevant. Within two years, the Berlin Wall - built 50 years ago this month - had fallen, and the real communists, the people who lived in the shadow of uncle Karl, made clear how they felt about it. They also wanted to be capitalists, with mortgages, credit cards and junk food. So the Left slunk away in embarrassment and even the world's last remaining communist governments, in Vietnam and China, adopted market economics.
Trotsky glasses gave way to wraparound Ray-Bans. And noxious little Trabants were abandoned for quietly efficient BMWs.
For a time, then, it seemed Marx, was, after all wrong. We had reached, as United States academic Francis Fukuyama said, "The End of History". Then again, maybe not. In any case, you know we are in trouble when some of the world's capitalist effigies are saying that it might be possible, after all, to be too rich.
Centrist economist Nouriel Roubini, who teaches at New York University and is one of the early predictors of the 2008 crash, says maybe we shouldn't write off Marx so fast after all: "Karl Marx had it right," he told the Wall Street Journal. "At some point, capitalism can destroy itself. You cannot keep on shifting income from labour to capital without having an excess capacity and a lack of aggregate demand."
Critics of Marx have long pointed out that he did not anticipate the rise of consumer society. Workers failed to rise against their capitalist masters because for the longest time, they too enjoyed the benefits of increased wealth. The average Joe might not be a billionaire, but by golly, he had his big-screen TV, La-Z-Boy and crisps. If that won't keep him from baying at the barricades, I don't know what will.
Henry Ford, the flint-hearted father of mass production knew this very well. He paid his workers $5 (Dh18) a day to work on his assembly lines, a generous salary for the time, from a man known for his tight wad ways. But Ford knew that as factory-line manufacturing took root, labourers had to earn enough to buy what they made. If they did not, capitalism would not survive.
Unfortunately, this bargain has begun to fray. Warren Buffett, the world's wealthiest investor, says as much in this week's New York Times. Mr Buffet says the wealthy should pay more taxes and do not need to be "coddled" by congress.
Mr Buffet, who is worth around $45 billion, has a few more pennies in his pocket than most of us. But his views also reflect the growing awareness that the divide between the very rich, and everyone else, is becoming too uncomfortable to ignore.
Sheikh Zayed bin Sultan Al Nahyan, the late President of the UAE, set about redistributing the nation's oil wealth as soon as he came to power. The result was to kick-start the economies of the Emirates and set them on the path to modernisation.
It's not likely this will happen anywhere else in the near future. But it's clear the western economies are in trouble. And many are rethinking the fundamental rules of how we do things.
Ultimately, its unlikely capitalism is going to collapse, as some have predicted. It remains fundamentally creative and dynamic. As long as there is money to be made, smart people will try to figure out the kinks.
After more than two decades of unrivalled triumph, however, we've reached the point where capitalism is looking vulnerable. Interesting times indeed.
Gavin du Venage is a business writer and entrepreneur based in South Africa. pf@thenational.ae
Cases of coronavirus in the GCC as of March 15
Saudi Arabia – 103 infected, 0 dead, 1 recovered
UAE – 86 infected, 0 dead, 23 recovered
Bahrain – 210 infected, 0 dead, 44 recovered
Kuwait – 104 infected, 0 dead, 5 recovered
Qatar – 337 infected, 0 dead, 4 recovered
Oman – 19 infected, 0 dead, 9 recovered
Ultra processed foods
- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns
- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;
- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces
- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,
- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Tips for newlyweds to better manage finances
All couples are unique and have to create a financial blueprint that is most suitable for their relationship, says Vijay Valecha, chief investment officer at Century Financial. He offers his top five tips for couples to better manage their finances.
Discuss your assets and debts: When married, it’s important to understand each other’s personal financial situation. It’s necessary to know upfront what each party brings to the table, as debts and assets affect spending habits and joint loan qualifications. Discussing all aspects of their finances as a couple prevents anyone from being blindsided later.
Decide on the financial/saving goals: Spouses should independently list their top goals and share their lists with one another to shape a joint plan. Writing down clear goals will help them determine how much to save each month, how much to put aside for short-term goals, and how they will reach their long-term financial goals.
Set a budget: A budget can keep the couple be mindful of their income and expenses. With a monthly budget, couples will know exactly how much they can spend in a category each month, how much they have to work with and what spending areas need to be evaluated.
Decide who manages what: When it comes to handling finances, it’s a good idea to decide who manages what. For example, one person might take on the day-to-day bills, while the other tackles long-term investments and retirement plans.
Money date nights: Talking about money should be a healthy, ongoing conversation and couples should not wait for something to go wrong. They should set time aside every month to talk about future financial decisions and see the progress they’ve made together towards accomplishing their goals.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
HOW TO WATCH
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Twitter: @thenationalnews
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TikTok: @thenationalnews
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
The years Ramadan fell in May
The specs
Engine: Turbocharged four-cylinder 2.7-litre
Power: 325hp
Torque: 500Nm
Transmission: 10-speed automatic
Price: From Dh189,700
On sale: now
Tips to keep your car cool
- Place a sun reflector in your windshield when not driving
- Park in shaded or covered areas
- Add tint to windows
- Wrap your car to change the exterior colour
- Pick light interiors - choose colours such as beige and cream for seats and dashboard furniture
- Avoid leather interiors as these absorb more heat
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
World Series
Game 1: Red Sox 8, Dodgers 4
Game 2: Red Sox 4, Dodgers 2
Game 3: Saturday (UAE)
* if needed
Game 4: Sunday
Game 5: Monday
Game 6: Wednesday
Game 7: Thursday
KINGDOM%20OF%20THE%20PLANET%20OF%20THE%20APES
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Wes%20Ball%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Owen%20Teague%2C%20Freya%20Allen%2C%20Kevin%20Durand%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3.5%2F5%3C%2Fp%3E%0A
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
What is a black hole?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
3. Large black holes can also be formed when smaller ones collide and merge
4. The biggest black holes lurk at the centre of many galaxies, including our own
5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013