The great capitalist dystopia of Dubai, a huge speculation bubble in paradisical tourist islands and business skyscrapers built on the slave-labor of South Asian migrant workers, is on the verge of collapse. Even though it is located in one of the driest and hottest parts of the world, its developer-king, Sheikh Mohammed bin Rashid al-Maktoum, saw a bright future for the place as the great playground of modern cosmopolitan capital. Indeed he presented himself and the whole project as a capitalist variation on the ‘enlightened kingdom’ of the old concept of the philosopher-king: none of those pesky things like regulations and taxes, or even good taste, could stand in the way of capitalist development here. In Dubai, anything would and should be possible on a larger and more commercial scale than ever before seen. Continue reading “The Fall of the House of Dubai”