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The Billionaire Raj: A Journey Through India's New Gilded Age, by James Crabtree
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Amazon.com Review
An Amazon Best Book of July 2018: India is the world’s fastest growing democracy, with an economy that is rapidly expanding, making a handful of Indians fantastically wealthy. At the same time, millions of Indians live in poverty, sometimes subsisting just feet from the fancy, almost unimaginable urban homes of the super-rich. James Crabtree uses the home of the reclusive billionaire Mukesh Ambani (that is his home on the cover) as a symbol of an Indian system that Crabtree likens—quite convincingly—to our own Gilded Age. Like in other places around the world, fair government appears to be no match against the vast sums of private capital that the “Bollygarchs†employ to cement their interests. Crabtree uses interviews and riveting reporting to give us a fascinating look into the sudden, sometimes shocking, and seemingly insurmountable rise of the Indian super-elite, as they surf the wave of globalism. –Chris Schluep, Amazon Book Review
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Short-listed for the Financial Times & McKinsey Business Book of the Year 2018“A lively and valuable blend of the empirical and the anecdotal. . . .The best parts of Mr. Crabtree’s book, however, aren’t his observations on the civic state of India (although these are certainly valuable and wise). They are his reportage, in which he relates his encounters with several of the men who are emblematic of the billionaire raj.” —Tunku Varadarajan, Wall Street Journal“Thrilling. . . . The Billionaire Raj does the great service of . . . showing how India’s political system and its firms are symbiotically connected, in an entertaining—and sometimes disturbing—fashion.” —The Economist“A nuanced portrait. . . . chock-full of profoundly revealing vignettes from various corners of India’s endlessly diverse society and economy.” —Jonathan A. Knee, The New York Times“An excellent survey of India’s economic and political transformation. . . .Crabtree’s Indian story is a cautionary tale of globalization’s excesses and the consequences for one of the world’s most unequal societies.” —The Washington Post“Crabtree’s vivid portrayal of the corruption of politics is very informative, and thought-provoking. . . .The most comprehensive and eminently readable tour of economic India.” —Meghnad Desai, Financial Times“A stylish, sweeping survey of modern day India. . . . Crabtree is diligent in his research and brutally fair to his interviewees.” —Ann Pettifor, The Times Literary Supplement“An enlightening and engaging story of wealth and poverty in India, but also a sad indictment of the power of inequity in subduing and overwhelming its areas of success." —Amartya Sen, winner of the Nobel Prize in Economics“James Crabtree has written a lucid, detailed, and at times epic account of the new India, opening our eyes to the economic and social transformation that has quietly occurred there in recent years, behind the facade of the headlines. A must read for all those interested in the political and economic destiny of the subcontinent.” —Robert D. Kaplan, author of The Return of Marco Polo’s World “James Crabtree, once a hugely-admired star foreign correspondent, has transformed himself into a brilliant writer and analyst of the Indian super rich. This timely, fascinating and eye-opening book is also—a rarity for a book about money—wonderfully witty and beautifully written.” —William Dalrymple, author of The Last Mughal“James Crabtree distinguished himself as the most insightful journalist writing for the Financial Times from India. It is not surprising therefore that he has now written a book that offers a splendid overview of the issues that have been raised concerning India’s spectacular growth since the reforms began in 1991. It is bound to become a classic.” —Jagdish Bhagwati, co-author of Why Growth Matters "Billionaire-watching may seem like voyeuristic fun, but it also provides serious insights about where a nation is headed. James Crabtree does just that in The Billionaire Raj, as he traces the incredible rise of India’s new super-rich and everything they reveal about the state of India’s political economy. Mixing colorful anecdotes with serious analysis, Crabtree's urgent book gives us far more than just vicarious thrills about India’s new Gilded Age." —Ruchir Sharma, author of The Rise And Fall Of Nations“Who are the Indian nouveau riche and what do they want? James Crabtree’s The Billionaire Raj will prove the defining work on these questions. It is a must-read for anyone interested in wealth, inequality, India, or the evolution of capitalism.” —Tyler Cowen, author of The Complacent Class “A fascinating look into the world of the Indian business elite—the ‘Bollygarchs’—and their political entanglements. James Crabtree deftly explores the changing balance between big money and democratic accountability, shedding considerable light on whether the country will sustain the miracle that is the Indian democracy or go the way of populism and authoritarianism, as so many others have.” —Dani Rodrik, author of Straight Talk on Trade"Crabtree's stylish writing and sharp insights bring to life the extremes of a country changing with bewildering rapidity, and one the world will find increasingly hard to ignore. The Billionaire Raj is an essential guide if you want to understand modern India, as you must." —Edward Luce, author of In Spite of the Gods“A wonderful book! It artfully weaves together lively stories of India’s billionaires while retaining a balanced perspective on the the big picture of the rise of India. It is not easy to write contemporary history but Crabtree manages to get to the heart of the matter—the problem of India’s state capacity and the need to reform the institutions of governance.” —Gurcharan Das, author of India Unbound
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Product details
Hardcover: 416 pages
Publisher: Tim Duggan Books (July 3, 2018)
Language: English
ISBN-10: 9781524760069
ISBN-13: 978-1524760069
ASIN: 1524760064
Product Dimensions:
6.5 x 1.3 x 9.5 inches
Shipping Weight: 1.6 pounds (View shipping rates and policies)
Average Customer Review:
4.3 out of 5 stars
37 customer reviews
Amazon Best Sellers Rank:
#81,067 in Books (See Top 100 in Books)
The Biltmore Estate sprawls across 8,000 acres in Asheville, North Carolina. With 179,000 square feet, the former residence of George Vanderbilt is the largest private home in the United States. Few private residences anywhere rival the sheer ostentation of the Biltmore Estate.The most glaring exception is the home of Indian billionaire Mukesh Ambani. Antilia rises 160 meters (525 feet) above South Mumbai and encompasses 400,000 square feet. Ambani built the 27-story home at an estimated cost of nearly $2 billion. A staff of 600 keeps it running round the clock. Antilia thus exemplifies the over-the-top excess on display in contemporary India. But it's merely one of innumerable examples of the lifestyle of so many of the country's more than 100 billionaires.Little wonder, then, that British journalist and strategic analyst James Crabtree would characterize the era as "India's New Gilded Age" in The Billionaire Raj. The Gilded Age analogy is apt, and Crabtree builds on it throughout his thoroughly researched account. The focus in his book is on the men who dominate India's industrial economy and the politicians who have enabled them. Above all, The Billionaire Raj is a story of corruption. The collusion between government and industry in 21st-century India mirrors that in late 19th-century America before the Progressive Era began to put the brakes on. Prime Minister Narendra Modi had been widely expected to play a role much like that of President Theodore Roosevelt in reining in the super-rich. To be fair, the most excessive examples of corruption do seem to have been eliminated. But the economic reforms long expected from Modi have yet to materialize.Is India's new Gilded Age a temporary condition?Crabtree notes that "the Indian subcontinent had been the planet's largest economy for most of the last two millennia." The Industrial Revolution changed that by shifting much of the planet's wealth to the West. However, in the 21st century, the tide is turning back to Asia. Crabtree speculates that either India or China might rise to the top of the world's economic heap by the middle of this century. He seems to be betting on India to win this race. But the problems he highlights in The Billionaire Raj cast doubt on this speculation. The country's new Gilded Age does not lay a firm foundation for continuing rapid growth.Economic inequality and its consequencesOne of the country's greatest challenges is economic inequality. "India should now rightly be viewed alongside South Africa and Brazil as one of the world's least equal [large] countries," Crabtree writes. While India's billionaires live in sybaritic splendor, hundreds of millions of people languish in poverty-stricken rural communities and teeming slums. (Reliable statistics about poverty in India are hard to come by. Sources differ widely. But it's likely that at least half of the country's population, or 600 million people, live on less than $2 per day.) As the country's resources shift upwards to the fraction of 1% at the top of its pyramid, the untapped talent and energy of the poor remain a drag on India's potential. It's hard to imagine that changing. After all, "only one percent of Indians pay any income tax at all."Colorful portraits of the country's nouveau riche billionairesIn The Billionaire Raj, you'll meet some of the most colorful characters to be found anywhere. Most are industrialists. Some are politicians. Some are both. You'll meet the "Branson of Bangalore" and the movie star who ably managed a state of 60 million people for decades. (She was so beloved that some of her followers committed suicide when she died.) And you'll meet the airline and liquor tycoon who lives in exile in England to escape prosecution for debts he left when his empire collapsed at home. None of these are people you or I might ever have the opportunity to meet. But Crabtree got to know them.About the authorFrom 2011 to 2017, James Crabtree was the Mumbai bureau chief for the Financial Times. At this writing, he is an associate professor at the Lee Kuan Yew School of Public Policy in Singapore. Prior to entering journalism, Crabtree was a senior policy advisor in the UK Prime Minister’s Strategy Unit under Tony Blair and Gordon Brown.
James superbly examines three foundational forces of India today, that are also quite familiar both globally and here in the States — a rising and significant inequality of wealth; how the rich have become super rich; and the role of “crony capitalism†is making it so. He provocatively in ways I had not considered compares India today with our own experience in our “Gilded Age†of Rockefeller’s and Carnegies in the 19th century. Then as now, he underscores “the speed which they built their fortunes and lack of conscience they displayed while doing so.†But, then as now, it ushered in a new political era of progressives who were willing to reign in corruption and excess foundational to America in the next century.Telling the near spy-novel like rise of remarkable, little known in the West figures who built empires especially in areas of land, natural resources and government contracts and licenses — it was clear why a symbiotic relationship with the myriad of national and local government and politics exists. He is even handed with a reporters eye on the rise of Modi and his efforts to tame corruption and shift India into a new era, and the forces and personal challenges that weigh heavily upon it. He provocatively suggests — as the likes of Samuel Huntington, Robert Kiltgaard and Gunnar Myrdal have — that some corruption is useful as it greases the skids to get things done where infrastructure is poor and access to capital low.
Crabtree knows how to tell a story, and his book is riddled with details of unrivaled access to some of the richest Bollygarchs from India. Humorous and deftly written, he takes us inside the homes, jets, and boardrooms of the tycoons steering (and sometimes running aground) one of the fastest growing economies. For anyone who wants to understand the flamboyant corners of India and the extreme disparities we might learn to probe and question, this book is a must. Rather than an ode to the high growth promise of another emerging giant Crabtree pokes holes at how this engine has left many behind, stuck far below the glass towers, and beyond the tinted windows. An important overview by someone intimately familiar with India, but also someone also not hypnotized by its magesty.
My husband liked it until the greed got ridiculous and he refused to let me read it.
Important to know as we descend into oligarchy to see how entitled celebrity works
Incredible. Very well written. Learned a lot about India as an Indian
I think this book is an economic chronicle of india’s two decades post the liberalization of 90’s. Whoever reads it , needs to read it again in 2025. Good read, but could have avoided devoting a whole chapter on cricket betting. There are better books to cover that topic. In contrary devoting a chapter on Media influence is a good one.
Interesting history of India’s development as a country and business’s impact.
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