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Original: 3/31/2009 4:57 PM
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Tuesday, March 31, 2009

David Harvey on Economic Crisis

 
Well, I think Harvey made several important points that also can make reference to his earlier works on postmodernity.

The first important point I note is that he said the genesis of the current crisis can be traced back to 1970s when financialization is pushed to the global extent which makes capitalism is more prone to crisis of financial kinds.

The second point I note, which I have already mentioned earlier in my own xanga post (http://kaxton.xanga.com/695391829/), is the "fictitious" nature of "fictitious capital" in the capital market. As Harvey also said, people are encouraged to invest more on their assets and property while neglecting the importance to do real production, which also laid down the basis of crisis.

The third important point in this video is about real face of the so-called "trickle down effect" as suggested by neo-liberals. What actually has trickled down, as Harvey said, is not wealth but the poor employment structure that are low pay.
 Posted 3/31/2009 4:57 PM - 28 Views - 0 eProps - 0 comments

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