The announcement of this year's Booker longlist, just a few days before the opening of the Olympics, reminds us that literary jousting originated in ancient Greece. Modern literary competitions appeared shortly after the revival of the Olympic Games at the end of the 19th century. The Nobel prize in literature (1901) was followed by the Prix Goncourt in France (1903), the Pulitzer prizes in the States (1917) and the James Tait Black memorial prizes in Britain (1919). Compared with their Greekish forebears, they are far trickier affairs. Australian author Richard Flanagan is clearly no friend of contemporary book contests: in his view, they are often barometers "of bad taste" that only serve "to give dog shows a good name".

The aristocratic authors of an earlier period often felt that there was something a little common, even humiliating, about wanting to be read by others, possibly of an inferior station. In Deceit, Desire, and the Novel, René Girard describes some of the excuses they came up with to give the impression that their works had got into print without their knowledge. La Rochefoucauld (to whom I am vaguely related through one of his descendants' bastard offspring) claimed, for instance, that his manuscript had been stolen by a servant.

Thomas Bernhard had similar issues with literary prizes. My Prizes: An Accounting, published posthumously, is a series of diatribes against the nine eponymous prizes he received up until 1980 and the "assholes" who bestowed them upon him – which brings us back to the Booker.

In François Ozon's film Swimming Pool, a bestselling author (played by Charlotte Rampling) pays a visit to her publisher, where she bumps into an up-and-coming novelist who has just won a minor literary prize. After the latter's departure, the publisher tries – and fails – to clear the air by describing the award as "hardly the Booker prize!" Charlotte Rampling's character reminds him of what he always used to say at the beginning of his career: "Awards are like haemorrhoids: sooner or later, every arsehole gets one". This scene epitomises the Booker effect: the petty rivalries and insidious corrupting influence.

Launched in 1969, the Booker was always conceived of as a publicity stunt designed to shift units. I think it is fair to say that no other literary prize in the world has ever received so much media attention. By 1990, when Gilbert Adair included a chapter entitled "Le Booker nouveau est arrivé" in his Barthes-inspired Myths and Memories, the prize had already become an institution, thanks to a marketing strategy not dissimilar to that of Beaujolais nouveau.

The Booker has always worn its commercialism on its sleeve: its official name – the Man Booker Prize – derives from its original (Booker-McConnell) and current (the Man Group) sponsors. This, of course, is not necessarily a bad thing. Trying to sell more books is certainly nothing to be ashamed of, and the Booker has two big advantages over the Gallic Goncourt: it is not controlled by the publishing industry and the judging panel changes every year. However, financial considerations do, regrettably, play a part in the selection process: a publisher must "contribute £5,000 towards general publicity if the book reaches the shortlist" and "a further £5,000 if the book wins the prize". Indies may find it difficult to stump up this sort of money.

The Nobel is awarded to "the person who shall have produced in the field of literature the most outstanding work in an ideal direction". Aimed at "the intelligent general audience," the Booker never entertained such lofty ambitions. It was always resolutely middlebrow as last year's controversy over "readable books" that "zip along" amply illustrated.

Since its inception, the prize has championed a type of well-made mainstream novel that reflects the liberal humanist world view of the home counties (sometimes with decorative postmodern knobs on). When a thriller found its way on to the longlist, many people thought that the judges had lost the plot, and were no longer able to recognise a Booker novel. This reaction only confirmed China Miéville's argument that despite traditionally shunning genre fiction, the Booker had itself become a genre. This, I feel, has been the prize's most pernicious influence. The novel – which was meant to be the genre to end all genres in which philosophy and poetry would be reunited – has been reduced to innocuous literary fiction narratives written as though modernism had never happened.

This year, there has been no populist talk of jolly good reads or zip-along page-turners. On the contrary, chairman Peter Stothard signalled the judges' intention to focus on "texts not reputations": books "that you can make a sustained critical argument about". The kind that "you don't leave on the beach" and want to "read again and again". Hence, perhaps, the presence of four debuts and three novels released by excellent indie publishers (And Other Stories, Myrmidon Books and Salt).

The inclusion of Deborah Levy's Swimming Home, one of the finest new novels I have read (and already reread) in a long time, seems like a very good omen indeed. It radiates the sensual languor of sun-drenched afternoons in the south of France and the disquieting, uncanny beauty only perceived by a true daytime insomniac. At times, it reminded me of Ozon's film. Let us hope this year's Booker will not be awarded to an arsehole.