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Dominic Cavendish

Market failure on a colossal scale

by Dominic Cavendish
Monday, October 6th, 2008

First the good news. I’m just rounding off a quick visit to the Dublin Theatre Festival (you can read the Telegraph round-up here) and I can confirm that the Celtic Tiger, although lying prone on the floor and bleeding profusely, hasn’t quite given up the game yet in the face of the Credit Crunch’s daily slings and arrows. At a meeting yesterday with the Festival director Loughlin Deegan - there were smiles all round, as it was declared that the festival has been a sell-out success. It’s been an ambitious and canny programme this year - Deegan’s second as artistic director - what with the first chance Irish audiences have had to see Black Watch, the National Theatre visiting with Happy Days, Waves and The Year of Magical Thinking - all ‘bankers’ as they say; plus a smart number of restagings of proven ‘Irish’ hits - Gare St Lazare Players with Beckett’s First Love, and Rough Magic’s staging of David Greig’s Caligula. There were queues round the block to get to the box-office when the booking period first opened, Deegan told me; quite a reassuring contrast to the stampedes to withdraw money from unstable-looking banks we’re starting to see around the world.

So far, then, this year, so good. And in several other conversations I’ve had with producers and arts programmers in recent weeks, I’ve heard a similar strain of relief and optimism: things may be bad, the reasoning goes, but even if people are tightening their belts, they don’t want to stay indoors and mope, they want to be cheered up, entertained, taken out of themselves and if they can be given a 24-carat guarantee of something truly memorable into the bargain, even better. Matt Wolf reports on a similarly comforting bag of mixed signals in the Telegraph today, in his assessment of the state of the West End’s box-office receipts.

I wonder though, when some theatregoers might start to put two and two together and ask why they should pour more money into a system that has let them down so badly. Escapism is all very well - and in the case of La Clique, coming to the Hippodrome, it’s written into the fabric of the evening’s entertainment, like an ornate tattoo on a lap-dancer’s buttock. But where are the plays confronting the massive global meltdown now haunting the waking hours, and nightmares, of millions of people? Where, more to the point, WERE the plays that scented something seriously awry in the financial markets?

The crunch has been upon us for more than 12 months now, but I haven’t seen any play that has grappled with the intricacies of hedge funds, or subprime deals, or the City itself, in that time - nor can I see anything substantial on the horizon. Maybe I’m missing something; maybe I’ll be given a few tips by theatrevoice visitors, but I think it’s time to ask a few questions. Has there been a failure of will or understanding among artistic directors - and playwrights - to look hard at the age of apparent affluence we’ve been living through? If there has been complacency - is it because a centre-left government presided over the boom? Back in 1987, Caryl Churchill satirised the so-called ‘Big Bang’ with Serious Money; 20 years on, where was its equivalent?

Theatre offers an invaluable means by which a society holds a mirror up to its workings; it can show us whole worlds at work, lay bare and make simple complex actions, confront us with painful truths. In matters of economics, though, British theatre has been caught napping. Shouldn’t someone at the top admit they should have seen this coming?

Dominic Cavendish is founding editor of theatrevoice.com; deputy theatre critic for Daily Telegraph since 2000 (also its comedy critic).

Your Comments

2 Responses to “Market failure on a colossal scale”

  1. George Hunka Says:

    If Churchill et al. saw it coming twenty years ago, they still saw it coming. The ground for disasters like this isn’t laid overnight, but accrues over decades. Nor was it only Churchill. Martin Crimp’s “Dealing with Claire” on the corruption of the human spirit by an acquisitive bourgeoisie and David Mamet’s characters in “Glengarry Glen Ross” who confuse economic success with inner self-worth reflected the post-capitalist machinations of government, business and the materialist worldview. And haven’t David Hare and others been knocking at these issues in the meantime?

    The plays are there, however “old” they may seem to be; what’s more, the kind of hyperactive, superkinetic optimism that led to the overvaluation of stocks and the creation of new financial instruments infests not only the economic sphere, but the political and cultural spheres as well. What about the grossly overproduced megamusicals, the pre-marketed appeal of film adaptations and jukebox musicals cashing in on mass entertainment in other media? But don’t blame the playwrights; one might as well ask where the TV dramas and films were (and beyond Oliver Stone’s “Wall Street,” it seems that the economic world is reflected even less on television and movie screens).

  2. lucy prebble Says:

    Hi

    The reason is that it’s quite hard and boring.

    I’ve spent two years writing an epic play all about this. It’ll be on next year. Hopefully it won’t be too hard or boring.

    bye!
    Lucy

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