Dennis Minott | Billionairing compromising CARICOM governance and growth

The term “billionairing,” as coined by yours truly, captures a profoundly troubling phenomenon that warrants immediate attention from Jamaica and the broader Caribbean Community (CARICOM). It describes the manipulative activities of ultra-wealthy individuals or entities that exploit their immense resources to seize control of state mechanisms, thereby undermining governance, eroding public trust, and perpetuating inequality. In a manner akin to how the term “genocide” was coined to address systematic atrocities, “billionairing” must be named, defined, and legislated against to prevent its destructive consequences.

UNDERSTANDING BILLIONAIRING

It is essential to distinguish between “billionairing” and simply “making billions”. The latter can result from hard work, innovation, and just rewards while the former entails using wealth to manipulate governance, distort markets, and undermine democracy. This distinction is crucial to counter the retort that critiques of billionairing stem from envy rather than genuine concern for justice and equity.

Billionairing is not merely about amassing wealth. It is about leveraging that wealth to subvert democratic processes, manipulate state institutions, and exploit public resources for personal gain. Unlike simple corruption, which is often localised and episodic, billionairing is systemic and strategic. It thrives in the shadows, employing both legal loopholes and outright illegality to consolidate power and magnify wealth.

The Gupta brothers’ exploits in South Africa serve as a chilling example. Through their connections to political leaders, they influenced Cabinet appointments, secured lucrative government contracts, and reshaped policy to their benefit, all at the expense of the South African populace. Similarly, corruption scandals in Vietnam led by Vietnam tycoon Truong My Lanhave exposed how collusion between business elites and state actors can destabilise economies and erode public confidence in governance. These cases underline the need for urgent action to combat billionairing before it further takes root in Jamaica and CARICOM.

MULTINATIONAL PROCLIVITY

Billionairing is not confined to national borders. It is particularly prevalent in multinational enterprises, which use their vast economic reach to influence policies, bypass regulations, and expand monopolistic control. The extractive, energy, and pharmaceutical industries exemplify this trend. These sectors wield extraordinary influence over governments, often securing preferential treatment at the expense of public welfare.

Moreover, there is a strong likelihood that billionairing is intricately linked to the illicit arms and narcotics trade. The same financial networks that enable billionaires to evade taxes and launder profits can also facilitate illegal activities that destabilise societies and fuel violence.

IMPACT

Billionairing poses multifaceted threats that extend beyond financial harm. Its impacts can be categorised as follows:

Economic inequality: Billionairing exacerbates the already glaring disparities between the wealthy and the poor. Public resources meant for essential services such as healthcare, education, and infrastructure are siphoned into private coffers. This deepens poverty, stunts development, and limits opportunities for the majority.

Erosion of democracy: Manipulation of elections, control over media narratives, and undue influence on policymaking render democratic institutions hollow. Billionairing concentrates power in the hands of a few, marginalising the voices and needs of ordinary citizens.

Environmental exploitation: Often linked to extractive, energy, and pharmaceutical industries, billionairing prioritises profit over sustainability. Communities bear the brunt of ecological degradation while billionaires reap the benefits. The environmental costs, including deforestation, pollution, and the displacement of local populations, are long-lasting and devastating.

Public disillusionment: When citizens perceive that corruption is unchecked and justice is unattainable, trust in governance collapses. This fosters apathy, resentment, and even civil unrest, creating a vicious cycle that further entrenches corrupt practices.

URGENCY FOR ACTION

Small states like Jamaica and other CARICOM members are uniquely vulnerable to billionairing. Their economies, often reliant on foreign investments, can become prey to exploitative practices disguised as development initiatives. The region’s colonial history has left structural inequities that are easily manipulated by those with wealth and ambition.

Moreover, the interconnected nature of CARICOM economies means that corruption in one state can quickly ripple across borders, destabilising entire regions. Without decisive action, the cycle of dependency and underdevelopment will persist, leaving the region susceptible to exploitation and stagnation.

LEGISLATIVE RECOMMENDATIONS

To effectively combat billionairing, a comprehensive legal framework is essential. Jamaica and CARICOM must consider the following measures:

Define billionairing in law: The first step is to clearly define billionairing as a crime. This definition must encompass the systemic use of wealth to subvert governance, manipulate institutions, and exploit public resources for private gain. A precise legal framework will enable authorities to identify and prosecute offenders effectively.

Strengthen anti-corruption frameworks: Existing laws must be bolstered to address the unique challenges posed by billionairing. Key measures include:

Transparency measures: Require mandatory disclosure of financial interests by public officials and major investors.

Enhanced oversight: Establish independent bodies to audit significant financial transactions and public contracts.

Whistleblower protections: Encourage citizens to report abuses by ensuring robust protections against retaliation.

Regulate political financing: One of the primary tools of billionairing is the funding of political campaigns. Comprehensive campaign finance laws must be enacted to cap donations, mandate full disclosure of donors, and impose severe penalties for violations.

Regional collaboration: Billionairing transcends national borders. CARICOM must establish a regional task force to

– Share intelligence on billionairing activities.

– Harmonise legislation across member states.

– Coordinate enforcement efforts to dismantle transnational networks.

– Increase public education and awareness

Citizens must be informed about the dangers of billionairing and their role in combating it. Public education campaigns can foster a culture of accountability and vigilance, empowering individuals to demand transparency and integrity from their leaders.

GLOBAL EXAMPLES

Several countries have successfully implemented measures to curb activities akin to billionairing. For example:

South Korea’s Chaebol Reforms: By imposing strict regulations on family-owned conglomerates, South Korea reduced their undue influence on politics and the economy.

Brazil’s Operation Car Wash: This large-scale investigation uncovered corruption at the highest levels, leading to significant legal and institutional reforms.

Jamaica and CARICOM can adapt these models to local contexts, ensuring their relevance and efficacy.

MORAL IMPERATIVE

At its heart, the fight against billionairing is a fight for justice. It is a commitment to ensuring that wealth and power uplift rather than oppress. The Bible warns, “For the love of money is the root of all evil” (1 Timothy 6:10). By naming and legislating against billionairing, we affirm our commitment to fairness, stewardship, and the common good.

Billionairing is a cancer that threatens the very fabric of society. By defining, naming, and legislating against it, Jamaica and CARICOM have an opportunity to lead a global movement against this insidious phenomenon. The stakes are high, but so are the rewards: a region where governance is transparent, economies are equitable, and democracy thrives.

The time to act is now. Let us not wait for billionairing to further erode our institutions and livelihoods. Instead, let us seize this moment to safeguard the future of our nations and uphold the principles of justice, equality, and integrity.

FOOTNOTE

On a deeply personal note, I write today on behalf of my family to honour the remarkable life of Mrs. Jennifer Ugene Carter-Baker, my beloved housekeeper for 42 years and cherished church sister. Her dedication extended beyond her own seven biological children. She embraced my five children as her own, lovingly nurturing them as their “Ruthy,” “Mammie,” “Miss Jennifer,” or “Sista Ruth.” For at least 11 years each, Ruthy was the guiding mother figure in all of their lives — hers in Lampard, Clarendon, and mine wherever I resided.

Ruthy was not just a caretaker. She was a wise, intelligent, and faithful Christian woman whose empathy, integrity, and strength made her a role model for all. She was a treasured friend to my late wife, Sandra, and her recommendation by the perceptive Miss Hermine Malcolm in 1983 speaks volumes about Hermine herself.

Today, we express our eternal gratitude to Ruthy for her unwavering love and support. Though we part ways for now, we carry her spirit in our hearts. Until we meet again, Sista Ruthy.

Dennis Minott, PhD, is the CEO of A-QuEST-FAIR. He is a multilingual green resources specialist, a research physicist, and a modest mathematician who worked in the oil and energy sector. Send feedback to a_quest57@yahoo.com or columns@gleanerjm.com.