Power Has Trumped Money In The Showdown Between Statist China And Alibaba's Jack Ma

Power has trumped money in the showdown between statist China and Alibaba’s Jack Ma. It has implications for Indian businesses

- K. Sunil Thomas

In season two of the epic fantasy Game of Thrones, Cersei Lannister, queen of the Seven Kingdoms, approaches Petyr ‘Littlefinger’ Baelish for some crucial information. Littlefinger, the wily and scheming courtier, proceeds to taunt her, hinting he knows about her incestuous relationship with her brother, and condescendingly quips, “Knowledge is power”.

Cersei instantly takes stock of the situation and orders her guards to seize Littlefinger and cut his throat. Just as an armoured guard is about to do it, she shrugs and says, “Oh wait, I’ve changed my mind…. let him go.”

As a shaken Littlefinger looks at her aghast, Cersei imperiously makes her point, “POWER is power!”

Jack Ma might just be feeling Littlefinger-like right now. As the imperial might of the statist China’s old guard looks to rein in his young and brazen internet success story, it holds valuable lessons not just for global business and Big Tech, but also for India’s startup ecosystem.

Jack Ma’s Alibaba is the world’s largest retailer and e-commerce company, despite operating primarily in mainland China. Alibaba fintech affiliate Ant is into everything from venture capital funding and lending to digital payment. Ma’s success over the past two decades had earned him sobriquets like ‘China’s Steve Jobs’ and was seen as an example of excellence in entrepreneurship that could be a role model to aspirants.