The high cost of neoliberalism

Financial liberalisation undermines democracy, handing power to a “virtual senate” that acts on beha

In the contemporary world of state-capitalist nations, loss of sovereignty can lead to a diminution of democracy, and a decline in the ability of states to conduct social and economic policy on their own terms. History shows that, more often than not, loss of sovereignty leads to liberalisation imposed in the interests of the powerful. In recent years, the regime thus imposed has been called "neoliberalism". It is not a very good term, as the social-economic regime in question is not new; nor is it liberal, at least as the concept was understood by classical liberals. The very design of neoliberal principles is a direct attack on democracy.

The central doctrine of neoliberalism is financial liberalisation, which took off in the early 1970s. Some of its effects are well known. With the increase in speculative capital flows, countries were forced to set aside much larger reserves to protect their currencies from attack. It is striking that countries which maintained capital controls - among them India and China - avoided the worst of the Asian financial crisis of 1997-98.

In the United States, meanwhile, the share of the financial sector in corporate profit rose from just a few per cent in the 1960s to over 30 per cent in 2004. Concentration also increased sharply, thanks largely to the deregulatory zeal of the Clinton administration. By 2009, the share of banking industry assets held by the 20 largest institutions stood at 70 per cent.

Among the consequences of financialisation is the creation of what an analysis by the investment bank Citigroup calls "plutonomy". The bank's analysts describe a world that is dividing into two blocs: the plutonomy and the rest. The US, UK and Canada are the key plutonomies: economies in which growth is powered by - and largely consumed by - the wealthy few. In plutonomies, these rich consumers take a disproportionately large slice of the national pie. Two-thirds of the world's economic growth is driven by consumption, primarily in the pluto­nomies, which monopolise profits as well.

The virtual senate

Citigroup's "plutonomy stock basket" has far outperformed the world index of developed markets since 1985, when the Reagan-Thatcher programmes for enriching the very wealthy were taking off. This is a substantial extension of the "80-20 rule" that is taught in business schools: 20 per cent of your customers provide 80 per cent of the profits, and you may be better off without the other 80 per cent. Corporations recognised years ago that modern information technology allows them to identify profitable customers to whom they can provide grand treatment, while deliberately offering skimpy services to the rest, creating a form of "consumer apartheid".

Financial liberalisation also creates what some international economists have called a "virtual senate" of investors and lenders, who "conduct moment-by-moment referendums" on government policies. If the virtual senate determines that those policies are irrational - meaning that they are designed to benefit people, not profit - then it can exercise its "veto power" by capital flight, attacks on currency and other means. Take one recent example: after Hugo Chávez was elected president of Venezuela, capital flight escalated to the point where assets held abroad by wealthy Venezuelans equalled a fifth of the country's GDP. With capital flow liberalised, governments face a "dual constituency": voters and the virtual senate. And even in the richest countries, the private constituency tends to prevail.

The Bretton Woods system put in place at the end of the Second World War was designed on the understanding that capital controls and regulated currencies would create a space for government action responding to public will - for some measure of democracy, that is. Keynes considered the most important achievement of Bretton Woods to be the establishment of the right of governments to restrict capital movement. In dramatic contrast, in the neoliberal phase that followed, the US treasury department came to regard free capital mobility as a "fundamental right", unlike such alleged rights as those guaranteed by the United Nations Universal Declaration of 1948: to health, education, decent employment and security - entitlements that the Reagan and Bush administrations dismissed as "preposterous", "letters to Santa Claus", mere "myths".

In earlier years, the public had not been much of a problem. In his definitive history of the international monetary system, the economist Barry Eichengreen observes that, in the 19th century, governments had not yet been "politicised by universal male suffrage and the rise of trade unionism and parliamentary labour parties". This meant that the severe costs imposed by the virtual senate of lenders and investors could be transferred to the general population.

But with the radicalisation of the general public during the Great Depression and the anti-fascist war that followed, this luxury was no longer available to private power and wealth. Hence, in the Bretton Woods system, Eichengreen writes, "limits on capital mobility sub­stituted for limits on democracy as a source of insulation from market pressures". It is only necessary to add the obvious corollary: with the dismantling of that system from the 1970s on, functioning democracy was restricted.

Real choices

In Latin America, specialists and polling organisations have, for some time, observed that the extension of formal democracy was accompanied by an increasing disillusionment about democracy and a lack of faith in democratic institutions. A persuasive explanation for these disturbing tendencies was given by the Argentinian political scientist Atilio Boron, who pointed out that the new wave of democratisation in Latin America coincided with neoliberal economic "reforms", which undermine effective democracy. The phenomenon extends worldwide, although it appears that the tendency may have reversed in recent years, with departures from neoliberal orthodoxy.

The annual polls on Latin American opinion by the Chilean polling agency Latinobaró­metro, and their reception in the west, are interesting in this respect. Few elements of the reigning western orthodoxy are upheld with more fervour than the view that Chávez is a tyrant dedicated to the destruction of democracy. The polls are therefore a serious annoyance that have to be overcome by the usual device: suppression.

The November 2007 poll had the same irritating results as in the preceding few years: Venezuela ranked second behind Uruguay in satisfaction with democracy and third in satisfaction with leaders. It ranked first in the assessment of the current and future economic situation, equality and justice, and education standards. True, it ranked only 11th in favouring a market economy but, even with this flaw, overall it ranked highest in Latin America on matters of democracy, justice and optimism, far above the US favourites Colombia, Peru, Mexico and Chile.

The Latin America analyst Mark Turner has written of an "almost total English-speaking blackout about the results of this important snapshot of [Latin American] views and opinions". He also found the usual exception: there were reports of the finding that Chávez is about as unpopular as Bush in Latin America, a fact that will come as little surprise to those who are familiar with the bitterly hostile coverage to which the Venezuelan president is subjected in the media, not least (and this is an odd feature of this putative dictatorship) in his country.

In the US, faith in institutions has been declining steadily. It is interesting to compare recent presidential elections in the richest country in the world and the poorest country in South America, Bolivia. In the 2004 US presidential election, voters had a choice between two men born to wealth and privilege, who attended the same elite university, joined the same secret society where privileged young men are trained to take their place in the ruling class, and were able to run in the election because they were supported by pretty much the same conglomerations of private power. Their announced programmes were similar, consistent with the needs of their primary constituency: wealth and privilege.

By contrast, in the December 2005 election in Bolivia, voters were familiar with the issues: control of resources, cultural rights for the indigenous majority, problems of justice in a complex multi-ethnic society and many others. They eventually chose Evo Morales, someone from their own ranks, and not a representative of narrow sectors of privilege. There was real participation, extending over years of intense struggle and organisation.

Election day was not just a brief interlude for pushing a lever and then retreating to passivity and private concerns, but one phase in ongoing participation in the workings of the society. The comparison, and it is not the only one, raises some questions about where democracy promotion is most needed.

Latin America has real choices, for the first time in its history. The usual modalities of imperial control - violence and economic strangulation - are much more limited than before. There are lively and vibrant popular organisations providing the essential basis for meaningful democracy. Latin American and other former colonies have enormous internal problems and there are sure to be many setbacks, but there are promising developments as well. It is in these parts of the world that today's democratic wave finds its basis and its home. That is why the World Social Forum has met in Porto Alegre, Mumbai, Caracas, Nairobi, not in northern cities, though by now the global forum has spawned many regional and local offshoots, doing valuable work geared to problems of significance in their own regions.

The former colonies, in Latin America in particular, have a better chance than ever before to overcome centuries of subjugation, violence and foreign intervention, which they have so far survived as dependencies with islands of luxury in a sea of misery. These are exciting prospects for Latin America, and if the hopes can be realised, even partially, the results cannot fail to have a large-scale global impact as well.

Extracted from "Hopes and Prospects" by Noam Chomsky (Hamish Hamilton, £18.99)
© Noam Chomsky 2010 penguin.co.uk

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Starting Star Wars: How George Lucas came to create a galaxy

On the 40th anniversary of the release of the original Star Wars, George Lucas biographer James Cooray Smith shares the unlikely story of how the first film got made.

While making THX 1138 in 1970, writer/director George Lucas told composer Lalo Schifrin that he wanted to make a Flash Gordon picture, an updating of the 40s sci-fi serials that he’d enjoyed as a child. It would, however, be those serials not as they were, but how he remembered them as having been. When the rights to these proved unavailable, he began to work on original idea, hoping to create something similar, but which he would own himself.

In January 1973, after completing his 50s nostalgia picture American Graffiti but before its release, Lucas began his outline for this space adventure. The first line of this near-incomprehensible document was The Story of Mace Windu. Mace Windu, a revered Jedi-Bendu of Opuchi who was related to Usby CJ Thape, Padewaan learner to the famed Jedi.’

"Jedi" was a word Lucas had coined to describe a clan of warrior mystics who were essential to his story. A man whose fascination for Japanese cinema had become a general interest in Japanese cultural history, he’d named them after the branch of Japanese drama that drew moral and instructive lessons from stories set in the past – Jidai geki.

This version is set in the thirty-third century and features a teenage Princess, droids, an Evil Empire and a grizzled Jedi warrior, General Skywalker, whose plot role resembles Luke’s from the finished film, although his character is Obi-Wan Kenobi’s. It climaxes with a space dogfight and ends with a medal ceremony. Among the planets named are Alderaan (here the Imperial capital) and Yavin, at this point the Wookiee homeworld. Some characters from this draft (Valorum, Mace Windu) would eventually find a home in The Phantom Menace more than twenty years later.

By May Lucas had a 132 page script, The Adventure of Anikin Starkiller. Skywalker had acquired the forename Luke but was no longer the protagonist. This was Anikin (sic) Starkiller, one of the sons of General Skywalker’s old comrade, the partially mechanical renegade Kane Starkiller. Anikin had to protect a Princess, aided by two robots R2-D2 and C-3PO.

Lucas had worked backwards from Flash Gordon, looking to uncover the source of his appeal, hoping to transfer it to his own story. Once he’d worked his way through the comic strips of Gordon’s creator Alex Raymond, he tackled Edgar Rice Burroughs, Jules Verne and Edwin Arnold’s Gulliver on Mars. Conversations with his New Hollywood peers about the archetypes thrown up by his reading – and which he increasingly saw everywhere – brought him into contact with Joseph Campbell’s then newly published Myths to Live By (1972) an anthology of lectures and essays from a man who devoted his career to identifying the basic archetypal characters and situations which he felt underpinned all human mythologies.

"The book began to focus what I had already been doing intuitively" Lucas later said, an idea which seemed to him to itself reinforce Campbell’s contention that such archetypes and situations dwelled in a collective unconsciousness. Lucas expanded his reading to epics of all kinds, and began planning a visual style that would combine the vistas of Japanese master director Akira Kurosawa with the kind of static-camera realism which he’d used on American Graffiti.

Lucas wanted over-exposed colours and lots of shadows, but shot in a way that made them seem unremarkable. Seeing the Apollo missions return from the moon "littered with weightless candy bar wrappers and old Tang jars, no more exotic than the family station wagon" had illustrated to him the problem with every fantasy movie ever made. Their worlds never looked like people lived in them. His film would depict a "used future". Describing the aesthetic he’d sought to American Cinematographer he explained: "I wanted the seeming contradiction of…fantasy combined with the feel of a documentary."  To Lucas Star Wars wasn’t science fiction, it was "documentary fantasy".

There was only one studio executive Lucas thought had any hope of understanding what he was trying to do, Fox’s Alan Ladd Jr, son of the late actor. Like Lucas and his contemporaries in New Hollywood, Ladd was a man driven by a love of cinema. Lucas could communicate with him through a shared vocabulary, describe a planned scene as being like something from The Searchers (John Ford, 1956) or Fahrenheit 451 (Francois Truffaut, 1966) and be understood. Ten days after his presentation to Ladd, they signed a development deal. Fox agreed to pay Lucas $15,000 to develop a script, plus $50,000 to write the movie and another $100,000 to direct it, should it actually be made. American Graffiti associate producer Gary Kurtz was named as Producer for Star Wars, and received $50,000.

The script development money gave Lucas enough to live on whilst he continued work on the screenplay. As he did so it changed again; a ‘Kiber Crystal’ was written in and then written out. Skywalker became Deak Starkiller’s overweight younger brother before becoming the farm boy familiar from the finished film. Characters swapped names and roles. A new character named Darth Vader – sometimes a rogue Jedi, sometimes a member of the rival ‘Knights of Sith’ – had his role expanded. Some drafts killed him during the explosion of the Death Star, others allowed him to survive; across subsequent drafts his role grew. Some previously major characters disappeared altogether, pushed into a "backstory", Lucas choosing to develop the practically realisable aspects of his story.

This is an important clarification to the idea that Star Wars was "always" a part of a larger saga, one later incarnated in its sequels and prequels. That’s true, but not in an absolutely literal way. Star Wars itself isn’t an excerpted chunk of a vast plotline, the rest of which was then made over the next few decades. It’s a distillation of as much of a vast, abstract, unfinished epic as could be pitched as a fairly cheap film to be shot using the technology of the mid 1970s. And even then much of the equipment used to make the film would be literally invented by Lucas and his crew during production.

In August 1973 Graffiti was released and became a box office sensation, not only did the profits make Lucas rich (he became, at 29, a millionaire literally overnight) its success meant that Lucas was able to renegotiate the terms of his Fox deal. Rather than making demands in the traditional arenas of salary and percentages Lucas wanted control of the music, sequel and merchandising rights to his creations. Fox conceded him 60 per cent of the merchandising, aware of its potential value to them, but eventually agreed that Lucas’s share would rise by 20 per cent a year for two years after the film’s release. Few films made money from spin-off products for a whole 24 months, and Star Wars would surely be no different. Lucas got the sequel rights as well, albeit with the proviso that any sequel had to be in production within two years of the film’s release or all rights would revert to Fox.

Most important amongst Lucas’ demands was that, if it went ahead, he wanted the film to be made by his own company, not by Fox. That way he could control the budget and ensure all charges and costs made to the production were legitimately spent on the film. The experience of watching Mackenna’s Gold being made while a student on placement a decade earlier had taught him just how much money a studio could waste, and on a film like Star Wars – which was both ambitious and would inevitably be under-budgeted – it was crucial that this did not happen. Control of the music rights also had a sound reason behind it. Universal were making a fortune out of an American Graffiti soundtrack that was simply a repackaging of old hits featured in the movie. Of the profits of this Lucas saw nothing despite having selected the tracks featured and fought long and hard for their inclusion in his film.

In March 1975, Ladd took Lucas’ draft to the Fox board. They passed it and budgeted the film at $8.5m. Characters bounced in and out of that script right up to the preparation of the shooting draft, dated 15 January 1976. This was tailored to be as close to the film’s proposed budget as possible, and contain as many of the ideas, characters and situations Lucas had spent the past few years developing as he considered feasible.

This draft is the first version of the script in which Kenobi dies fighting Vader. Previously he had been injured, but escaped with Luke’s party. Alec Guinness, who had already been cast, was initially unhappy with this change, but was persuaded by Lucas that a heroic death followed by appearances as a spectral voice would prove more memorable to audiences than his spending the last third of the film sitting on Yavin whilst the X-Wings went into battle.

Filming began on location in Tozeur, Tunisia on 22 March 1976. Before shooting Lucas sat his crew down and made them watch four films which he felt between them defined what he was after in Star Wars. Stanley Kubrick’s 2001 (1969), Douglas Trumbull’s 1975 Silent Running, Sergio Leone’s Once Upon a Time In the West and Fellini’s Satyricon (Both 1969). The Leone picture was full of the sun-blasted vistas Lucas wanted to evoke for Tatooine, and the Fellini film, with its aspects of travelogue and attempts to portray an entire society in a fly-on-the-wall manner gave an idea of the "documentary fantasy" approach the director was so keen on. All four films shared one vital element: they’re windows onto lived-in worlds remarkable to audiences but regarded as ordinary by the film’s characters.

The first scenes shot for Star Wars were those of Luke buying Artoo and Threepio from the Jawas outside his foster parents’ home. Producer Kurtz had allowed 11 days for the shoot, after that a borrowed army C130 Hercules was scheduled to pick up the cast and crew.

A few days into shooting, creature make-up man Stuart Freeborn was taken ill and had to be flown back to Britain where he was diagnosed with pneumonia. Other crew members contracted dysentery. On 26 March Tunisia experienced its first winter rainstorm for half a century, damaging equipment and exterior sets delaying filming of key scenes.

Lucas wanted the stormtroopers to ride ‘dewbacks’, dinosaur-like domesticated beasts that allowed the troops to move across the desert. One dewback was built, out of foam rubber stretched over a wire frame. It could only be used in the background and no one was ever seen riding one. The other live animal Lucas wanted to portray was a Bantha, a huge horned, shaggy beast reminiscent of a prehistoric mammoth. It was to be the mode of transport for the Tusken Raiders, faintly Bedouin, vaguely mechanically-enhanced humanoids who attacked Luke in the Jundland wastes. In the end, creating the beasts proved impossible, and while they were referred to in dialogue in scenes that were shot (‘bantha tracks…’) none of their sequences were lensed.

As hard as the shoot was on Lucas, he at least had an idea of what he was trying to do and how it would all fit together. The actors, suffering stomach troubles, sunburn and long days, were less clear. Anthony Daniels trapped inside an almost immovable fibreglass body suit suffered the worst. Twenty five years later he would give credit for helping him to get through the Tunisia filming to Alec Guinness. "He was incredibly kind to me…I firmly believe that I wouldn’t have completed that arduous task of shooting without him."

Once the Tunisian shoot was over, the cast moved to EMI Elstree Studios in Borehamwood, outside of London. Star Wars was being made in the UK because it wasn’t possible to shoot the film in Hollywood at that time, not that Lucas – with his lifelong disdain of LA itself – wanted to anyway. Star Wars required nine stages simultaneously, something that no Hollywood studio complex could guarantee at anything like sufficient notice. In March 1975 producer Kurtz had flown to Italy to look at studio space, but found nothing suitable. He then caught a plane to London, where Lucas joined him.

Together they scouted UK film studios. Pinewood was a possibility, but management insisted Lucasfilm hire their technicians, a condition which became a deal-breaker. Neither Shepperton nor Twickenham had enough sound stages (although the giant Stage H at Shepperton  - bigger than any stage at Elstree – would ultimately house one scene of the film) which left only EMI Elstree. Then losing £1 million a year, Elstree was being kept open more or less on the insistence of Harold Wilson’s government, whose allies in the Trades Union movement considered the closing of the facility unconscionable. Elstree had no staff, and anyone who wished to rent it had to supply their own technicians and much of their own equipment. Off-putting to many, it sealed the deal for Lucas and Kurtz, who wanted to move their own people in. They hired the facility for seventeen weeks starting at the beginning of March 1976.

To design and build the sets needed to turn to Elstree into a realisation of Lucas’s screenplay they hired John Barry, a British designer who had worked under Ken Adam on Barry Lyndon (Stanley Kubrick, 1975) a film Lucas admired enough to hire its costumier John Rollo as well.

Elstree’s two largest stages were given over to Mos Eisley Spaceport and the interior of the Death Star. Both the Mos Eisley hangar bay and the one inside the Death Star which replaced it on the same stage were constructed around the full size Millennium Falcon set created by John Barry’s protege Norman Reynolds. Built by Naval engineers at Pembroke Dock, Wales it was 65 feet in diameter, 16 feet high and 80 feet long. It weighed 23 tonnes.

The absence of Stuart Freeborn, still recovering from Tunisia, meant that most of the aliens seen in the Mos Eisley cantina sequence were completed by assistants and lacked any articulation at all. Unhappy with the scenes as shot, Lucas resolved to do to re-shoots back in the USA.

The last scenes to be shot were for the opening battle, as Vader and his stormtroopers boarded the blockade runner. With little time Lucas used six cameras, manning one himself (Kurtz manned another) and shot the sequence in two takes. The six cameras produced so many different perspectives on the action that even the duplicated events that are in the film are unnoticeable. The finished sequence, chaotic though the creation of it was, is amongst the best put together moments in the movie, a superb evocation of Lucas’ documentary fantasy approach, and the cameras dart in and out of the action like reporters shooting newsreel footage. Virtually the first live action seen in the picture, its style later went a long way towards convincing audiences that what they were seeing was somehow real.

Principal photography completed on 16 July 1976, although some re-shoots and pick up shots for the Tatooine sequences were undertaken in Yuma, Arizona in early 1977. Amongst those scenes shot were those featuring the Banthas. Lucas borrowed a trained elephant from Marine World, and had it dressed to resemble a more hirsute, fearsome pachyderm. Mark Hamill was unavailable to participate. He’d crashed his car of the Antelope Freeway in LA shortly before and was undergoing painful facial reconstructive surgery. Although Hamill should have been involved in the re-shoot, in scenes of Luke’s landspeeder moving across the desert, Lucas had no choice but to film them without him; he took a double to the shoot, dressed him in Luke’s costume and put Threepio in the foreground. Also re-shot, over two days in La Brea, California, were portions of the cantina sequence. New cutaways and background shots were filmed to be inserted into the Elstree footage in order to eliminate as of the unsatisfactory masks as possible.

While supervising editing of the film Lucas experienced chest pains, and was rushed to hospital where he was treated for a suspected heart attack. He was later diagnosed with hypertension and exhaustion, both exacerbated by his diabetes.

Fox were by now trying to book Star Wars into cinemas, and had picked a release date in May, long before the 4th July public holiday, long regarded as the opening weekend of summer. Fox wanted $10m in advance bookings for Star Wars, desperate to recoup an investment that internal studio sources had now decided was foolish. They secured less than $2m, and achieved that only by implying to theatres that they wouldn’t be offered Charles Jarrot’s much-anticipated The Other Side of Midnight if they didn’t sign up for Star Wars too. Before its release several exhibitors complained at this "block booking" and filed suits; Fox was later fined $25,000 for the practice, punished for forcing cinemas to agree to show something which was, by the time they paid the fine, the most financially successful movie ever made.

In early 1977 Lucas screened Star Wars for a group of friends, it was nearly finished – although the opening crawl was longer and many of the special effects shots were absent, represented instead by sequences from World War II films and real combat footage shot by the USAF. Among those present were Brian De Palma, Alan Ladd Jnr, Steven Spielberg and Jay Cocks. Martin Scorsese had been invited but troubles editing his own New York, New York meant he didn’t turn up.

De Palma hated Star Wars, and spent the post-screening dinner rubbishing it to anyone who would listen. Others present were unsurprised, De Palma had behaved in the same way during the group screening of Scorsese’s’ Taxi Driver; laughing loudly through Cybill Shepherd’s conversations with Robert de Niro, and at one point shouting "Shit!" halfway through a tense scene. Only Spielberg seemed impressed, and told Lucas that he thought Star Wars would take $100m. Lucas pointed out that nothing took $100m, and countered that Spielberg’s Close Encounters of the Third Kind would do better at the box office. The two directors wrote what they considered realistic estimations of what each other’s film would make in its first six months of release on the inside of matchbooks, which they then traded. By the time Lucas got round to opening Spielberg’s matchbook and saw the figure $33m in his friend’s scrawling hand Star Wars had already made ten times that.

Odd as it seems now, when every blockbuster is prefaced by months of breathless, unrelenting media "enthusiasm", Star Wars wasn’t released on a wave of hype or accompanied by an extensive marketing campaign. It was released (on 25 May 1977) to thirty-two screens, after a barely publicised premiere at Mann’s Chinese Theatre in Hollywood. It made $2.8m in its opening week, but didn’t receive a nationwide release for two months. Despite almost unprecedented success in preview screenings, Fox were still unsure of what to do with Lucas’ bizarre children’s film. Indeed it, only got a Hollywood opening at all because William Friedkin’s Sorcerer – which had been intended for this slot at Mann’s – wasn’t finished.

So negative had advance feeling about Star Wars been that Lucas left the country; he was still in LA on opening day, finishing the sound edit (he was unhappy with the copy playing downtown, and unknowingly embarking on a lifetime of revising his movie) but the next day he and his wife (and Star Wars film editor) Marcia flew to Hawaii, where they were joined by friends, including Spielberg and Amy Irving. It was an attempt to escape what Lucas felt would be the inevitable terrible reviews and wrath of the studio. Even when Ladd called him to share his excitement over the movie’s colossal opening weekend, Lucas was unmoved; all movies labelled science fiction did well in their first few days due to the business attracted by the neglected fanbase for such things. It was only when the film continued to do outstanding business and was expanded to more and more theatres that Lucas considered returning early from his holiday, and began to realise that the film he’d just delivered had changed his life.

As "Star Wars" expanded into more cinemas, and people began to queue round the block to see it, shares in Fox climbed from well under $10.00 to $11.50 each; over the next three months the value rose to $24.62, nearly trebling in price, such was the film’s value to the embattled studio. It was a magnificent vindication for Alan Ladd Jr, who had more than once had to intervene to stop colleagues closing down the film’s production completely. He had never lost faith in Lucas and his bizarre idea, but he was virtually the only person employed by Fox itself who hadn’t.

Just a few weeks before, as the end of the financial year approached, Fox had tried, and failed, to sell its investment in Star Wars to a German merchant bank as an emergency pre-tax write off.

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