The Crisis of Capitalism Animated

The economic/financial pic­ture is look­ing ugly once again. Indeed, just yes­ter­day, the most emailed New York Times arti­cle warned that the stock mar­ket might be on the verge of an epic crash, one that will bring the Dow below 1,000. So how did we wind up in this glob­al cred­it mess? We’ve heard var­i­ous expla­na­tions, most assum­ing that our cap­i­tal­ist sys­tem did­n’t quite func­tion as it should, and that a few reg­u­la­tions will take care of the prob­lem. But this is not the posi­tion tak­en by David Har­vey, an impor­tant social the­o­rist and geo­g­ra­ph­er (now at CUNY). Draw­ing on Marx­i­an analy­sis (it’s still alive and well some­where), Har­vey sug­gests that the cri­sis is built into cap­i­tal­ism itself. It’s not the result of too few reg­u­la­tions. Rather it’s part of cap­i­tal­is­m’s inter­nal log­ic. (Mark Man­call, an emer­i­tus Stan­ford his­to­ry prof, echoes some of these basic thoughts on “Enti­tled Opin­ions” by the way.) The ani­mat­ed video above is an out­take from a longer lec­ture pre­sent­ed by Har­vey at the Roy­al Soci­ety for the Encour­age­ment of Arts, Man­u­fac­tures and Com­merce in the UK. You can watch the video in full here. Mean­while, David Har­vey has also made avail­able online a free, 26 hour course that offers a close read­ing of Karl Marx’s Cap­i­tal. It appears in the Eco­nom­ics sec­tion of our col­lec­tion of Free Online Cours­es.