'Squid game' people play

I watched 'Squid Game' as soon as it was released on Netflix. Call it my innate sense of foreboding but I knew I had to watch this one even before the rave reviews trickled in. Whether it was 'Hunger Games', '3%' or South Korean sensation, 'Squid Game', the allure of dystopian themes is too strong to pass. Koreans are master storytellers, a known fact among cinema aficionados much before Bong Joon-ho's 'Parasite' stormed the Oscars. So yes, I was an ardent admirer of the television series before it became fashionable to dress up as the scary doll or the fuchsia pink outfitted guards for Halloween or razz the attendants at COP26. Afterall, what's not to like about the show? Drama, thrill, gore — and beneath it all, a refreshing, hard-hitting perspective on human nature, reaction to crisis, and performance under pressure. 'Squid Game' broke all records, most importantly, the language barrier one, to become worth about USD 900 million with 111 million fans and counting. But I argue here that a compelling watch is not the only reason for the show's blockbuster success making it Netflix's most popular offering till date.

Through some brief snippets, 'Squid Game' highlights the problem of household debt in South Korea. Behind the veneer of prosperity, the common South Korean is buried under loans. Household debt in Korea has steadily risen in the last few years, and is currently equivalent to more than 100 per cent of the country's gross domestic product (GDP). Rooms in real life are tiny, suffocating, and cramped, much like what the show highlights. A widening income gap, joblessness, and unaffordable real estate afflict many in the country. As in the show, most people are heavily indebted; their desperation compelling them to participate in inhuman games of life and death. In reality, the economic hardship has increased the suicide rate in South Korea. At 24.6 suicides per 1,00,000 people, reports suggest that the country has the highest suicide rate in the Organisation for Economic Co-operation and Development (OECD).

While Korea grapples with its own problems, the massive popularity of the show proves that it has struck a chord globally, and why not? Coming 1.5 years after the onslaught of Covid-19 that has left scores of people poorer leads me to deduce that the show's wide acceptance projects a joint reality as we end 2021 on a sober note. Even as thousands lost their lives to the virus, the rest of us live to tell the tale and fight Covid-19's newer strains. But boy, are we lucky to be alive! But this gratitude doesn't cover the economic upheaval that most in the world have experienced, and the numbers are there to see. The Institute of International Finance (IIF) says that global debt rose to a new record high of almost USD 300 trillion by the end of September. This debt includes government, corporate, bank, and household debt. India's public debt as a percentage of GDP was 82.57 per cent. As per the IIF, household debt in the March quarter upped from 35 per cent last year to 39 per cent. News reports state that government debt increased from 72.2 per cent to 84.2 per cent.

The debt-to-GDP ratio has been steadily increasing around the world due to the pandemic. The months of gloom and doom hit hard, and while the world is gradually emerging from economic slumber armed with vaccines, complete economic revival, that will fix the damage caused by the initial 1.5 years, will take a while. And obviously, people around the world are suffering the brunt of economic difficulties. In fact, restarting of the economic cycle hasn't necessarily meant good news for all as the accumulated debts of 2020 weigh heavy. Household debt sharply rose by USD 1.5 trillion to USD 55 trillion around the world in the first six months of 2021. IIF also noted that one-third of the 61 surveyed nations witnessed this rise in household debts in the first half of 2021.

So of course, 'Squid Game' is a captivating watch with dexterous direction, cinematography, and acting. But the way the show has touched lives this year, is personal. The pain, the desperation, the tears — I'm sure there are many across the world that identified with the utter hopelessness. Art reflects life, and in this case, comes quite close.

The writer is an author and media entrepreneur. Views expressed are personal