The More or Less Acceptable Face of Capitalism

Daveybloke, the Cuddly Conservative, recently moralised that "Businesses and individuals that have any dealings with Zimbabwe must examine their responsibilities and ensure they do not make investments that prop up the regime", while William Hague "urged" companies with investments in Zimbabwe to "examine their consciences very carefully". It is to be hoped that the complexities of this important task will not interfere with their duties as executives, shareholders, profiteers or parliamentarians. Apparently six Cuddly Conservative front-benchers and one member of the Triangulation Party have fairly extensive investments in such famously ethical companies as Barclays, Shell, BP and Tesco. The shadow minister for car ownership, Robert Goodwill, said: "I don't have any influence in the bank because the size of my shares. If I tried ringing the chairman of Barclays, he wouldn't talk to me." On the other hand, "anything we can do to bring pressure to bear on this dreadful regime and evil man needs to be done", so Goodwill recommends "bring[ing] pressure to bear as a shareholder". Although the chairman of Barclays won't listen, this form of pressure would at least have the moral advantage of leaving Robert Goodwill's shares in Robert Goodwill's hands when it is "not a very good time to sell shares". Barclays, of course, "always seeks to conduct its business in an ethical and responsible manner"; according to the Independent, it also "owns two-thirds of Barclays Bank Zimbabwe, and has to buy £23m in government bonds under the terms of its licence. It also contributes to a government loan scheme that has lent money to at least five ministers for farm improvements. The British parent company took a £12m dividend in 2006, and the Zimbabwean subsidiary's profits rose by 135 per cent in 2007". Doubtless Robert Goodwill can bear the moral burden with equanimity. A spokesbeing for Tesco went even further, claiming that the supermarket's exploitation of Zimbabwe was helping the natives: "There's precious little employment of any sort in Zimbabwe and it would be irresponsible to deprive thousands of people of their only means of feeding their families." We must remember that particular soundbite if the economy slides into recession; I look forward to reading of Tesco's refusal to deprive staff of a living at a time of high unemployment because it would be irresponsible towards the victims' families.