The economic/financial picÂture is lookÂing ugly once again. Indeed, just yesÂterÂday, the most emailed New York Times artiÂcle warned that the stock marÂket 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 globÂal credÂit mess? We’ve heard varÂiÂous explaÂnaÂtions, most assumÂing that our capÂiÂtalÂist sysÂtem didÂn’t quite funcÂtion as it should, and that a few regÂuÂlaÂtions will take care of the probÂlem. But this is not the posiÂtion takÂen by David HarÂvey, an imporÂtant social theÂoÂrist and geoÂgÂraÂphÂer (now at CUNY). DrawÂing on MarxÂiÂan analyÂsis (it’s still alive and well someÂwhere), HarÂvey sugÂgests that the criÂsis is built into capÂiÂtalÂism itself. It’s not the result of too few regÂuÂlaÂtions. Rather it’s part of capÂiÂtalÂisÂm’s interÂnal logÂic. (Mark ManÂcall, an emerÂiÂtus StanÂford hisÂtoÂry prof, echoes some of these basic thoughts on “EntiÂtled OpinÂions” by the way.) The aniÂmatÂed video above is an outÂtake from a longer lecÂture preÂsentÂed by HarÂvey at the RoyÂal SociÂety for the EncourÂageÂment of Arts, ManÂuÂfacÂtures and ComÂmerce in the UK. You can watch the video in full here. MeanÂwhile, David HarÂvey has also made availÂable online a free, 26 hour course that offers a close readÂing of Karl Marx’s CapÂiÂtal. It appears in the EcoÂnomÂics secÂtion of our colÂlecÂtion of Free Online CoursÂes.
