Top City broker says consumerism and materialism are to blame for the riots
An intriguing new report from an unlikely source.
By Mehdi Hasan Published 23 August 2011 11:33You might expect the Labour left or the trade union movement or the Greens to blame the recent riots on an "out-of-control consumerist ethos" -- but how about one of the largest inter-dealer money brokers in the world?
From today's Guardian:
The recent riots in London and other big cities were the product of an "out-of-control consumerist ethos" which will have profound impacts for the UK economy, a leading City broker has said.
The report by the global head of research at Tullett Prebon, Tim Morgan, is part of a series in which the brokerage analyses bigger issues for the UK. It details recommendations to resolve what it sees as a political and economic malaise: new role models, policies to encourage savings, the channelling of private investment into creating rather than inflating assets and greater public investment.
It warns: "We conclude that the rioting reflects a deeply flawed economic and social ethos . . . recklessly borrowed consumption, the breakdown both of top-end accountability and of trust in institutions, and severe failings by governments over more than two decades."
The note pinpoints the philosophy behind the riots as consumerism.
A typical internet user sees a hundred adverts an hour, the report says, and the underlying message many receive is: "Here's the ideal. You can't have it." Accompanying this is an inflation of government and private debt, a key theme of Morgan's other work.
"The economy has been subjected to repeated 'boom and bust' cycles, above all in property. The overall pattern has been that an over-consuming west has borrowed and spent the surpluses of the increasingly productive and under-consuming east.
"The dominant ethos of 'I buy, therefore I am' needs to be challenged by a shift of emphasis from material to non-material values. David Cameron's 'big society' project may contribute to the inculcation of more socially-oriented values but much more will need to be done to challenge the out-of-control consumerist ethos."
Latest tweets
More from New Statesman
- Tools and services:
- Polls
- Predictions
- Jobs
- Archive
- Magazine
- PDF edition
- RSS feeds
- Subscribe
- Special supplements
- Stockists

















35 comments
But I suppose one could argue a typical internet user (and/or looter) sees a hundred adverts an hour and also a hundred news reports about what's happening out and about in the world. Perhaps the underlying message many might understand may be: "Here's the ideal. Being you, you can't have it, but you can copy the others like you who can't have it either..see here.."
Put this way, peer pressure via internet communications reminds me of the way they used to teach things in some theatres ie see one, do one.
But anyway, with these riots surely any dominant ethos of 'I buy, therefore I am' has indeed (albeit a dirty deed) been challenged by the craft of looting. Of course, looting represents a shift of emphasis from material to non-material values. People loot in groups because they can, in an instant of madness - no time for ethical considerations other than perhaps to understand that one is not alone..
An article about the riots and the analysis of a city broker. Excuse me, Flashbuck but how do you want debate about homosexuality to be crow barred into this article. Bit of a prat, arn't you.
He would, wouldn't he.
Stuart, I am sure they know that history repeats itself and are scared for their own skins, so they will take an interest. If armed unemployed Americans are pushed too far for example,who knows what might happen.
Large companies including banks make massive profits because of machines, and don't need people: hence the rise of government non-jobs etc; but how long can this last. How much more cake can people eat?
Mehdi, great seeing you reviewing the papers on TV this week.
Sadly, Flasbuck it is you who are missing the point, and so is everyone who engages with you. Even more sadly, including my good self. You are an individual desperate for attention, or in desperate need of attention, not too sure which but it becoming very tiresome that other commentors, including my good self, allow you to divert discussions that have value into arguing with you. Which has about as much value as giving a cokehead another line. Take part, you're acting like the big slow kid.
Regarding the post, why does no-one ever mention football in the debate about causes?
Clearly the rioters are more likely to look to footballers than bankers, MPs or journalists, and yet as a small but disgusting example Wayne Rooney renegotiated his contract by threatening to leave for Man City THE WEEK AFTER the Austerity Budget. And Coleen with her life of sunshine and f**ck-you-all is hardly attempting to be a role model either.
Sure people can live their own lives, but footballers like Rooney don't derive money from thin air - it comes from fans, and they owe a responsibility to those fans, and to the good fortune that meant they have that money.
More awareness of good fortune is needed all round before halfwits go mouthing off about other people having a sense of entitlement 'they don't deserve'. You can't act as if you deserve everything you have (Cameron, Clegg, most of the Western World) and then get narky when others start thinking they are entitled to it too. You're not either..
@medhi
Labour has gone out of its way to dismiss the Big Society and yet here we are with a very big bandwagon getting going with Cameron clearly in people's minds driving it.
Labour is declining - its hysterical short term vote chasing has eroded the core values the party stands for which the Tories have picked up. What does Labour stand for apart from trying to win power and beat the Tories?
Before 2008, Labour borrowed and spent £350Bn but what did our kids get for the money? The money was not invested but was spent on simplistic fiscal expansion (government borrowing for the synical manipulation of voters).
What has Mehdi not talking about his views on gay people got to do with anything!
I don't agree with homosexuality, but do i respect people who are gay, of course. Why are people trying so hard to force people to agree with their ideologies....and they call us extreme!
Maybe black male culture became obsessed with 'bling' because most blacks were unable to get decent jobs, were consigned to 'ghettoes' were they were statistically.. fucked. And maybe at least owning bling in a world obsessed with consumer goods, constantly ramming consumer goods down our mouths, in our faces, maybe bling gives those with no hope of ever being comfortable owners of that consumer lifestyle, a little piece of self-worth. In a world where worth of self is valued by ad-men. http://www.besthomeimprovementideas.org/
No shit sherlock
The reason there were no riots in the north and Scotland is because it was cold, grey, overcast and raining. What self-respecting, sideways-cap-wearing bling-toter will be seen out rioting in the rain? - ie, none.
I agree with Anon. We live in a hyper-individualist society based on consumerism. At the top it manifests itself in the ludicrous belief that they have 'earned' their riches by shuffling money around and loading bad loans onto the taxpayer. At the bottom it is reflected in the 'attitude' and 'cool' posturing of those who ape the rap stars, footballers and Liam Gallaghers of this world. The corporations which rule the world soak our music, tv, film and computers games in this rotten stew. Since Conservatives are supposed to value personal responsibility and tradition Ive never understood why they don't oppose it. Well that's because an awful lot of money is being made out of it.
MAKootage - having traveled extensively in the developing world i can tell you that you just don't see this kind of moral garbage on their tv screens and in their popular meaning. I'd also say political literacy is also much higher in the majority of countries which are not called the UK / USA.
It probably started before Thatcher of course but her enrichez vous philosophy kicked through the doors to the destruction of a society which still had strong communal bonds. That New Labour finished the job is possibly the greatest tragedy of all.
'Attitude' - it's all marketing. And we've all bought into it.
Excellent article have to agree this a major factor that distinguishes UK & US rioting from european and M/E popular discontent with visible political self- awarenessand community agendas. That in itself, is indicative of UK & media profitable obsession with materialist US and UK politicians cheap policy import of policy response to social unrest and solutions.
The other unmentioned factor is drug prohibition that with consumer culture has created UK own gang culture from it's be unspoken beginnings as the black -economy in lieu of the destruction of heavy industry and manufacturing during the 1980s and which significantly added to UK banking investment that underpinned development in first Latin America and then the SE 'tiger' economies of the mid 1980'3 to mid 1990s which unsuprsingly is also represented in popular holywood films from same era.
I watched mr hassan with great amusement on the BBC this morning trying to justify his own existance!It would appear that he has such a high god like opinion of himself based on deluded hindsight and favours gobal genocide rather than intervention and prevention of evil and those that commit evil on their own peoples!
Rich people tell poor people they are too materialistic.
Mr Hasan's comments on just about everything stopped me from subscribing to the N.S. He carries a caber on his shoulder, argues simplistically and is far too biased to be an editor.
I've never read Mehdi write anything favorable about blonde people, either. Another raven haired bigot, eh?
On the article, I disagree with the quoted banker. Britain ranks better in the GINI coefficient than many countries that haven't seen such a feral disregard for personal property.
Surely Mehdi Hassan has a right not to like homosexuals?
I'm disappointed that a simple cut-and-paste is classed as an article on this site. It's almost as pathetic as Mr Hassan's appearance on the BBC the other morning (Sat / Sun) - he looked more like a spoilt child than an esteemed commentator, constantly shaking his head and muttering when the other people were talking. For goodness sake, you're supposed to be bringing a bit of class to these debates man - perhaps if you could suppress your massive ego for a few seconds you might realise that us mere mortals have valid and worthwhile opinions also!
The riots were caused by groups of bored teenagers, simple as that. They have no money, no education and no ambition - basically, nothing to lose. They've ignored their parent, ignored their toothless teachers and mocked the police. What they need is a good hard kicking. That's what's missing from society nowadays. We've tried the softly-softly approach, so now let's try giving these kids a hiding the next time they say 'whatcha gonna do, innit?'. There are more of us law abiding citizens than those rioters. It's a numbers game.
And by the way, I'm not racist but I do think there is a race element to the riots also. People of all colours and creeds were involved, but the vast majority of looting was carried out by non-whites. No, in fact, I'll be far more specific - the vast majority of the looting was carried out by black people. There, I've said it. It's what 90% of the country is thinking. Not talking about it isn't going to make it go away.
And am I in the BNP or EDL? On the contrary, I used to be in the socialist party and was on plenty of anti-fascist demonstrations in my teenage years. It's a cliche nowadays but I do also have black friends - many of whom agree with me that blacks are over-represented in terms of looters. Maybe the media is biased and only showed looting involving black people, or maybe my view is skewed because these riots took place in predominantly black areas, but I'm just calling it like I see it. I personally blame the 'bling' culture that seems to exist, especially when it comes to young black males. If you can't get what you want, take it - that's basically what's spouted by rappers constantly, so is it any surprise that's what happens when these guys get a chance? Rappers can't make people do bad things, but there is definitely a correlation between the looting (as opposed to rioting) and race.
There are areas in Scotland (i.e. Easterhouse in Glasgow, Niddrie in Edinburgh, swathes of Dundee, Paisley and Aberdeen) which are some of the poorest areas in the entire nation - yet interestingly there weren't any riots up North, even though people were on Facebook trying their best to incite them. There are groups of youths pounding the police every single night in Northern Ireland, yet it was remarkably quiet over the water when the riots were on. These facts run contrary to the "it's a poverty thing" spouted by many politicians. I'm telling you, race is a MUCH bigger factor than anyone is making out. It's the elephant in the room, and if a relatively moderate person like me holds these views, God (or Allah, or Vishnu et. al) only knows what brain dead idiots are filling their heads with at this moment in time. Just watch - subscription for the BNP and EDL will go through the roof over the coming 12 months, and there will be more riots. I really hope I'm wrong, but I fear not. Our politicians - and journalists, commentators, role models - are scared to talk about this. I challenge politicians to shine a light into the dark corners of our society, or we'll never know what's festering there.
Labour and the Greens are tied in knots by rigid and outmoded ideologies - this kind of pragmatic, functional thinking is to be welcomed, whatever the source.
So I guess all future riots and general unrest can be avoided by just handing out Xboxes and smart phones to the resentful poor along with some lectures on values from proper role models. Brilliant.
Why has Mehdi never published anything positive about teacakes? In all my time reading his blogs I have not read one positive mention of this baked treat?
Make all the excuses you like, Hasan has been busted. Oh yes.
Had to wait a while to get there but Wightangler is quite correct the riots started because a drug dealing gang member was shot. That was the first report now its being twisted by the right and left to try and "fit" it to their views.
Why would a "Top City broker know anything more about the riots than anyone else? I bet he wouldn't be able to find any of the areas that suffered without Satnav!
MAKootage , yep but England is a miserable country.
I believe it happened because of the society we have created , three generations of unmarried mothers ,
No discipline in schools or at home ,political correctness,Tony Blairs policies , looking back on history ,the world after 1945 has become a hell on earth , maybe by winning the second world war we lost
everything of any worth
Why is the new statesman so attractive to right wing loonies these days? Morons that think the contries problems are due the fault of the welfare state belong on the Daily Mail forums. Sensible, progressives understand that things are a bit more complex than that.
Interesting *general* points from the banker, but irrelevant to the riots.
Hey is that David Starkey? Own up.
You spent an awfully long time saying 1 thing. But what does that thing mean, David? As an expert in examining history can you examine the whys, wherefores, and wtfs? And once done what do we do about your 'revelation'?
Extermination? Or just blame?
Perhaps Jamaican patois has become the language of the oppressed or like-to-think-they're-oppressed (you have it your way) because blacks have traditionally been oppressed horrendously (and still are? again you have it your way) and Jamaicans were instead a free island with their own vibrant singular culture, which infected the world. I.e. something to be damn proud of, a one-fingered salute to the white world.
Maybe black male culture became obsessed with 'bling' because most blacks were unable to get decent jobs, were consigned to 'ghettoes' were they were statistically.. fucked. And maybe at least owning bling in a world obsessed with consumer goods, constantly ramming consumer goods down our mouths, in our faces, maybe bling gives those with no hope of ever being comfortable owners of that consumer lifestyle, a little piece of self-worth. In a world where worth of self is valued by ad-men.
Maybe, David, maybe, you noticed that the riots did not happen in the Cotswolds, Surrey or Dorset or either.
It is about poverty, numbskull. Dress it up how you want. In skin colours if you choose. But it's about poverty. And consumerism. That is to say, poverty is a relative thing.
Consumerism has become like a drug. Yes, we all like to have belongings, especially things that give us pleasure. But the emphasis on a load of branded rubbish, is making the younger generation forget what matters. It is a result of the American marketing boom that started in the 1950s and has reached its peak now, to the point of selling through subliminal messages. I'm fortunate to have worked in retail and can see through the overpriced marked up rubbish for sale.
Children are happiest when they are being creative, playing outdoors etc. But green spaces are diminishing and food is highly processed. Many of the less educated kids and their parents, would consider a bolied egg and toast and a clean, cold glass of water a poor man's meal. That's why they would rather buy, branded, processed crap. They then end up with poor health. They aspire to junk food and branded clothes made by kids in sweat shops. Yet some say they riot because they are poor.
Now China are starting to 'enjoy' the western lifestyle. Basically they are destroying their farm land and food supply and are in training for obesity and heart problems generated through western diets and consumerism.
I think we could take note of history and William Morris, who could see that Victorian mass production would have considerable consequences and advocated a return to hand made objects and a slower, more natural way of life, closer to nature.
However, we are entering a technological age and no doubt when we are all living in our two metres of space,with limited water, food and air, consumerism will seem a tad daft. The technological age is a visual one, so kid's are stimulated through visual images on tv and the internet and few words. This takes away their choice to make decisions and they are basically just fodder for the marketeers. Dumb parents stick their kids in front of the tv to watch endless dvds. Bright parents take their kids cycling, out for walks and read with them.
So yes, consumerism is to blame for many of today's ills and can be viewed as a cause of the riots as it goes hand in hand with greed. It's also about property and the protection and destruction of things and about ownership. The rioters seemed to have little respect for other's property. Thank goodness i don't live in that sort of area, where you'd have to keep wondering when you may have something stolen, looted or vandalised or worse, harm to your person.
If some of the people that looted appreciated the air, water, natural, simple food, a chat with a neighbour, a free library book, or a strole in a park more, they may feel a lot happier and kick their consumerist cravings.
Some just wanted to get freebies or boost their egos amongst their peers on social networking sites and some, were just inherently criminal and evil. The killers and arsonists involved in the looting, would no doubt have been criminals at one point in their life. Consumerism is not to blame for that level of criminality, more likely a dysfunctional personality.
flashbuck. i think you missed the stuff in NS on Catholic church. f you want something more positive, keep doing what you are and you can be rewarded with HIV (positive) Twat
Post new comment