How Billioneering Compromises CARICOM Governance and Growth

The term "billioneering," as coined by Dennis A. Minott, 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 who 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, "billioneering" must be named, defined, and legislated against to prevent its destructive consequences.

Understanding Billioneering

It is essential to distinguish between "billioneering" 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 billioneering stem from envy rather than genuine concern for justice and equity. Billioneering 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, billioneering 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 Lan have 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 billioneering before it further takes root in Jamaica and CARICOM.

The Multinational Proclivity of Billioneering

Billioneering 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 billioneering 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.

The Impact of Billioneering

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

Credit: [AFP] Vietnam tycoon Truong My Lan sentenced to death in $12.5bn fraud case - The largest case of fraud in Vietnam’s history has been uncovered as part of a major state anticorruption drive.

Economic Inequality

Billioneering 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

The manipulation of elections, control over media narratives, and undue influence on policymaking render democratic institutions hollow. Billioneering 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, billioneering 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.

The Urgency for Action

Small states like Jamaica and other CARICOM members are uniquely vulnerable to billioneering. 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 billioneering, a comprehensive legal framework is essential. Jamaica and CARICOM must consider the following measures:

Define Billioneering in Law

The first step is to clearly define billioneering 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 billioneering. 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 billioneering is funding 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

Billioneering transcends national borders. CARICOM must establish a regional task force to:

• Share intelligence on billioneering activities.

• Harmonise legislation across member states.

• Coordinate enforcement efforts to dismantle transnational networks.

  
  

Public Education and Awareness

Citizens must be informed about the dangers of billioneering 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.

Learning from Global Examples

Several countries have successfully implemented measures to curb activities akin to billioneering. 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.

The Moral Imperative

At its heart, the fight against billioneering 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 billioneering we affirm our commitment to fairness, stewardship, and the common good.

Conclusion

Billioneering 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; democracy thrives. The time to act is now. Let us not wait for billioneering to further erode our institutions and livelihoods. Instead let us seize this moment to safeguard the future of our nations upholding 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 eleven years each, Ruthy was guiding mother figure in all their lives — hers in Lampard Clarendon; mine wherever I resided. Ruthy was not just a caretaker; she was wise intelligent faithful Christian woman whose empathy, integrity, and strength made her role a model for all. She was treasured friend of my late wife Sandra; 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.