In this short RSA Animate, radical sociologist David Harvey asks if it is time to look beyond capitalism, towards a new social order that would allow us to live within a system that could be responsible, just and humane. View his full lecture at the RSA. Download a transcript of this video (pdf).
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You are absolutely right!
And this is so unfair and untruth to call this phonomenon a capitalism.
It's not a case of capitalism. It's a case of dirty governments and dirty agreements which let bankers give the credits 10 times larger than the amount of money they really have! And the money get back to them and the proccess starts again...
This is not the capitalism - this is a crime! Capitalism is good as far as the monetary system is honest.
The assertion that mortgage defaults was the cause of the economic issues never added up. The amount given the banks was far in excess of mortgage liability and much of it went to cover credit card defaults. The problem had been growing for some time as the middle class was stuck in a long era of wage stagnation while consumer expectations were still rising. The erosion of the middle class was first covered by two income households and then by easy unsecured debt. It was also covered up by increased government subsidies to the middle class whether in the form of aid to education, job benefits, disability, aid to handicapped children or other middle class programs. Add the increased expectations of the consumer to the erosion of working class wages and one gets the current problem. The death of the American middle class also brings with it an erosion of the value of the US market and a spiral downward for profits and wages alike. The creation of the American middle class was a historic accident largely brought about by the labor shortages post WWII. It was the source of the growth of corporation both in the US and abroad. Just look at Sony or similar companies. Access to the US market allowed the sales volume necessary for the formation of the international corporation. The old adage about killing the golden goose is more than applicable in the present economic situation.
Anyone looking for a insight into what causes our perpetual crisis needs to go no further.
Well done!
The RSA is politically independent, a charity which is funded by its members - a 27,000+ Fellowship who pay annual subscription fees. We are also financially sustained by our premises which are rented out as a corporate venue in London. Adelphi Enterprises is a separate corporate entity which then donates the money back into the RSA charity.
Who funds RSA? This sounds like a Tides Foundation arm. Thank you for letting me know.