The following is an excerpt from Arundhati Roy's new book, Capitalism: A Ghost Story, (Haymarket Books, 2014). Reprinted here with permission.

What follows in this essay might appear to some to be a somewhat harsh critique. On the other hand, in the tradition of honoring one’s adversaries, it could be read as an acknowledgment of the vision, flexibility, sophistication, and unwavering determination of those who have dedicated their lives to keeping the world safe for capitalism.

Their enthralling history, which has faded from contemporary memory, began in the United States in the early twentieth century when, kitted out legally in the form of endowed foundations, corporate philanthropy began to replace missionary activity as Capitalism’s (and Imperialism’s) road-opening and systems maintenance patrol.

Among the first foundations to be set up in the United States were the Carnegie Corporation, endowed in 1911 by profits from Carnegie Steel Company, and the Rockefeller Foundation, endowed in 1914 by J. D. Rockefeller, founder of Standard Oil Company. The Tatas and Ambanis of their time.

Some of the institutions financed, given seed money, or supported by the Rockefeller Foundation are the United Nations, the CIA, the Council on Foreign Relations (CFR), New York’s most fabulous Museum of Modern Art, and, of course, the Rockefeller Center in New York (where Diego Riviera’s mural had to be blasted off the wall because it mischievously depicted reprobate capitalists and a valiant Lenin; Free Speech had taken the day off ).

Rockefeller was America’s first billionaire and the world’s richest man. He was an abolitionist, a supporter of Abraham Lincoln, and a teetotaler. He believed his money was given to him by God, which must have been nice for him.

When corporate-endowed foundations first made their appearance in the United States, there was a fierce debate about their provenance, legality, and lack of accountability. People suggested that if companies had so much surplus money, they should raise the wages of their workers. (People made these outrageous suggestions in those days, even in America.) The idea of these foundations, so ordinary now, was in fact a leap of the business imagination. Non-tax-paying legal entities with massive resources and an almost unlimited brief—wholly unaccountable, wholly nontransparent— what better way to parlay economic wealth into political, social, and cultural capital, to turn money into power? What better way for usurers to use a minuscule percentage of their profits to run the world? How else would Bill Gates, who admittedly knows a thing or two about computers, find himself designing education, health, and agriculture policies, not just for the US government but for governments all over the world?

Over the years, as people witnessed some of the genuinely good work the foundations did (running public libraries, eradicating diseases)—the direct connection between corporations and the foundations they endowed began to blur. Eventually, it faded altogether. Now even those who consider themselves left wing are not shy to accept their largesse.

By the 1920s US capitalism had begun to look outward for raw materials and overseas markets. Foundations began to formulate the idea of global corporate governance. In 1924 the Rockefeller and Carnegie Foundations jointly created what is today the most powerful foreign policy pressure group in the world—the Council on Foreign Relations (CFR), which later came to be funded by the Ford Foundation as well. By 1947 the newly created CIA was supported by and working closely with the CFR. Over the years the CFR’s membership has included twenty-two US secretaries of state. There were five CFR members in the 1943 steering committee that planned the United Nations, and an $8.5 million grant from J. D. Rockefeller bought the land on which the United Nations’ New York headquarters stands.

All eleven of the World Bank’s presidents since 1946—men who have presented themselves as missionaries to the poor—have been members of the CFR. (The exception was George Woods. And he was a trustee of the Rockefeller Foundation and vice president of Chase Manhattan Bank.)

At Bretton Woods, the World Bank and IMF decided that the US dollar should be the reserve currency of the world, and that in order to enhance the penetration of global capital it would be necessary to universalize and standardize business practices in an open marketplace. It is toward that end that they spend a large amount of money promoting Good Governance (as long as they control the strings), the concept of the Rule of Law (provided they have a say in making the laws), and hundreds of anticorruption programs (to streamline the system they have put in place). Two of the most opaque, unaccountable organizations in the world go about demanding transparency and accountability from the governments of poorer countries.

Given that the World Bank has more or less directed the economic policies of the Third World, coercing and cracking open the market of country after country for global finance, you could say that corporate philanthropy has turned out to be the most visionary business of all time.

Corporate-endowed foundations administer, trade, and channel their power and place their chessmen on the chessboard through a system of elite clubs and think tanks, whose members overlap and move in and out through the revolving doors. Contrary to the various conspiracy theories in circulation, particularly among left-wing groups, there is nothing secret, satanic, or Freemason-like about this arrangement. It is not very different from the way corporations use shell companies and offshore accounts to transfer and administer their money—except that the currency is power, not money.

The transnational equivalent of the CFR is the Trilateral Commission, set up in 1973 by David Rockefeller, the former US national security adviser Zbignew Brzezinski (founder-member of the Afghan mujahidin, forefathers of the Taliban), the Chase Manhattan Bank, and some other private eminences. Its purpose was to create an enduring bond of friendship and cooperation between the elites of North America, Europe, and Japan. It has now become a pentalateral commission, because it includes members from China and India (Tarun Das of the CII; N. R. Narayana Murthy, ex-CEO of Infosys; Jamsheyd N. Godrej, managing director of Godrej; Jamshed J. Irani, director of Tata Sons; and Gautam Thapar, CEO of Avantha Group).

The Aspen Institute is an international club of local elites, businessmen, bureaucrats, and politicians, with franchises in several countries. Tarun Das is the president of the Aspen Institute, India. Gautam Thapar is chairman. Several senior officers of the McKinsey Global Institute (proposer of the Delhi Mumbai Industrial Corridor) are members of the CFR, the Trilateral Commission, and the Aspen Institute.

The Ford Foundation (liberal foil to the more conservative Rockefeller Foundation, though the two work together constantly) was set up in 1936. Though it is often underplayed, the Ford Foundation has a very clear, well-defined ideology and works extremely closely with the US State Department. Its project of deepening democracy and “good governance” is very much part of the Bretton Woods scheme of standardizing business practice and promoting efficiency in the free market. After the Second World War, when communists replaced fascists as the US Government’s Enemy Number One, new kinds of institutions were needed to deal with the Cold War. Ford funded RAND (Research and Development Corporation), a military think tank that began with weapons research for the US defense services. In 1952, to thwart “the persistent Communist effort to penetrate and disrupt free nations,” it established the Fund for the Republic, which then morphed into the Center for the Study of Democratic Institutions, whose brief was to wage the Cold War intelligently, without McCarthyite excesses. It is through this lens that we need to view the work that the Ford Foundation is doing with the millions of dollars it has invested in India—its funding of artists, filmmakers, and activists, its generous endowment of university courses and scholarships.

The Ford Foundation’s declared “goals for the future of mankind” include interventions in grassroots political movements locally and internationally. In the United States it provided millions in grants and loans to support the credit union movement that was pioneered by the department store owner Edward Filene in 1919. Filene believed in creating a mass consumption society of consumer goods by giving workers affordable access to credit—a radical idea at the time. Actually, only half of a radical idea, because the other half of what Filene believed in was a more equitable distribution of national income. Capitalists seized on the first half of Filene’s suggestion and, by disbursing “affordable” loans of tens of millions of dollars to working people, turned the US working class into people who are permanently in debt, running to catch up with their lifestyles.

Many years later, this idea has trickled down to the impoverished countryside of Bangladesh when Mohammed Yunus and the Grameen Bank brought microcredit to starving peasants with disastrous consequences. The poor of the subcontinent have always lived in debt, in the merciless grip of the local village usurer—the Baniya. But microfinance has corporatized that too. Microfinance companies in India are responsible for hundreds of suicides—two hundred people in Andhra Pradesh in 2010 alone. A national daily recently published a suicide note by an eighteen-year-old girl who was forced to hand over her last 150 rupees, her school fees, to bullying employees of the microfinance company. The note read, “Work hard and earn money. Do not take loans.”

There’s a lot of money in poverty, and a few Nobel Prizes too.