Introduction
David Harvey has brought capitalism under fire by pin pointing out some of the oversights in the system. This article briefly names some of the arguments which Harvey has presents in explaining how capitalism has failed.
David Harvey’ Arguments
Harvey believes that there is a need to develop a system that is humane, just and responsible implying that capitalism system lacks these virtues. Harvey argues that capitalism enhances a frailty by cultivating “predatory instincts, instincts fort mastery, delusion of investors, and greed” (Harvey 1). Harvey also feels that financial institutions have failed by not taking necessary remedial measures whenever required. As a result of this, Harvey is of the opinion that financial institutions should be reconfigured globally through global efforts.
Harvey also believes that people have been obsessed with a false theory rooted in market efficiency. Harvey also discusses the issue of cultural origin and the role that culture has played around the world. For instance in France there is a belief among the French that the problem of capitalism is an anglosaxon disease while in other areas there are those who feel that the problem has nothing to do with them. There is much pointing of fingers around the globe with some claiming that it is a disciplinary action for the US (Harvey 1).
There is a problem with the policy as it has also failed. Regulation of banks has failed and when done it is done wrongly. This has left the capitalism system to run unchecked. Harvey has argued that there was a failure to point out the systematic risk. Harvey sums this as “internal contradiction of capital accumulation” (Harvey 1).
Harvey explains further that the system has a lot of faeces from the system and how we come out of the problem is determined by how we came out of the last one, the problems is that the last problem was relative not the same as the problem faced currently.
Back in the 1970s, the problem was too much power in labor in reference to capital. The problem with excessive power within the labor system was solved by outsourcing tasks to overseas regions in India, China among other regions. However, this time round the problem lies with the presence of too much capital for financing.
Harvey explains that since the 1970 there has been wage repression implying that what reaches at the bottom is very little compared to what remains up there within the business organizations. Harvey further claims that wages have become the means of making payments for goods. The banks are viewed to have taken advantage of this situation through creating credit cards among other means. Harvey argues that capitalism does not actually solve any problem but rather turns them round (Harvey 1).
Harvey brings the media under fire through what he describes as skilled writers. He seems to suggest that the media has been missing some point by just coming up with creative stories especially from Marxists perspectives in explanation of the failures of capitalism. Harvey seems to suggest that even the media is caught up in this confusion and has so far not been able to pin point the problem with capitalism (Harvey 1).
Conclusively, Harvey argues against capitalism because it enhances greedy, is not responsible and not just. The system is just a channel for some few to increasingly become empowered financial wise as the labor is continuously deprived and the financers continuously become empowered. Harvey makes an appeal for a movement against capitalism.
Work Cited
Harvey, David. Crises of Capitalism. RSA Animate, 2011. Web. Web. <https://www.youtube.com/watch?v=qOP2V_np2c0>