“The Charade of the So-Called Free Market” — William Gaddis on What Moved Him to Write JR

From William Gaddis’s 1986 Paris Review interview:

INTERVIEWER

What moved you to write JR?

GADDIS

Even though I should have known from The Recognitions that the world was not waiting breathlessly for my message, that it already knew, and was quite happy to live with all these false values, I’d always been intrigued by the charade of the so-called free market, so-called free enterprise system, the stock market conceived of as what was called a “people’s capitalism” where you “owned a part of the company” and so forth. All of which is true; you own shares in a company, so you literally do own part of the assets. But if you own a hundred shares out of six or sixty or six hundred million, you’re not going to influence things very much. Also, the fact that people buy securities—the very word in this context is comic—not because they are excited by the product—often you don’t know what the company makes—but simply for profit: The stock looks good and you buy it. The moment it looks bad you sell it. What had actually happened in the company is not your concern. In many ways I thought . . . the childishness of all this. Because JR himself, which is why he is eleven years old, is motivated only by good-natured greed. JR was, in other words, to be a commentary on this free enterprise system running out of control. Looking around us now with a two-trillion-dollar federal deficit and billions of private debt and the banks, the farms, basic industry all in serious trouble, it seems to have been rather prophetic.