RSA Animate – Crisis of Capitalism

This video is exceptional.

Funny! But you forgot that these planet-hopping economists also forgot about autumn, when they really suffered a crisis! :)

However:- Does anyone actually think that behaving in a tribal-manner helps us find the best solution to this crisis? "I am a Capitalist, we are great!" - "I am a social-economist, we are the future!" - "I support Chelsea...", its all the same story.

So can we forget which camp we belong to and open our minds? I doubt it personally, lets see:

Lets focus on what we know:-

1. For over a century business owners have been reducing labour requirement using machinery and a diverse and increasingly competent range of technologies, which has of course reduced the employment market dramatically. I hear you! New jobs are created in new sectors, in service for example, but also the new technologies are reducing service-sector labour requirements.

Can we imagine a future, say in 50 years, or less, in which robotic-automation and smarter computer software will reduce employment even more dramatically?

Do we really need all of humanity tied to work benches or desks, or serving in shops, etc??

Should we artificially create employment in order to justify giving people a living-wage?

Can we project the effects of ever advancing, albeit slowly at present, technology on employment trends?

Is any qualified and competent person able to do that here and now?

So far all this blog has produced is words, how about some action!

The right wingers also say that crises of this kind is not necessarily a bad thing, that inequality is wonderful and they completely and utterly ignore the ecological crisis. Douglas Adams'parody of them was the story economists who landed on planet covered with forests. They based the currency on leaves but this led to hyperinflation. Being good monetarists they burnt down the forests!

Essentially what David Harvey has served up here is a cold dose of the truth. He's considered a radical, but these theories are clearly supported by recent events. For me, the relationship he draws between the alienation of labour in the 70s/80s through harsh wage control and the subsequent need for a credit-based economy is as devastatingly necessary as it is accurate.

The sort of "Casino Economics" that has become a core characterisitc of our economy in the UK needs to be shut down immediately- or else we should prepare for Recession part 2 in 20 years.

If possible, could the following be emailed to David Harvey.

Following watching the animated presentation “The Cries of Capitalism”, I would like to start by giving praise to your presentation which I thought was intelligent and delivered in an extremely engaging manner.
Whilst I consider myself reasonably well read and of moderate intellect, I am by no means an academic in this subject and so please forgive any layman ideas or errors I make below; this is simply my view point (right or wrong) from what I have observed.
The aspect that I found issue with is that whilst you state not to have the answer, you implore people to join anti-capitalist movements. Whilst I agree that it was the “polar extreme” capitalism that led to the current situation, I do not believe it is wrong in its entirety and you do not mention the benefits it can bring. I believe Capitalism, and its inherent reward mechanism, has in part led to the huge surge in innovation over the last 150 or so years. This has resulted in vast improvements in the overall standard of living. Clearly, the use of “polar extreme” has also caused vast social inequality and the current global economic situation.
On average I believe it is human nature to strive/innovate when the rewards offered include some amount of self-interest. As such some use of capitalism in this aspect is surely beneficial to optimising the increase in overall standards of living. Maybe, in the distant future, when standards of living have reached such a level the human race as a whole will be content to strive/innovate for purely altruistic and social reasons the capitalist reward mechanism will not be required – sadly I think this is a long way off. Until that point, I believe that some aspects of capitalism have valid benefits and should be utilised.
This all leads me to my point. After enjoying 99% of your presentation, I was slightly disappointed by the “join anti-capitalist” movements. This seems to advocate the use of the opposite “polar extreme”. I do not view Capitalism and Socialism as the only two discrete options. Clearly there is a sliding scale with uncountable permutations possible. Possibly, I have limited understanding of anti-capitalist movements and some of them merely try to reign us in from our current extreme. If this is true then I believe that their goals are not well marketed to the general public. My current impression is that their aim is to replace one extreme with another which will cure many problems whilst creating many new ones.
I will leave you by saying that, whilst I disagree on this one point (possibly through ignorance of anti-capitalist movements), your presentation has got me thinking and discussing the topic which is obviously a positive thing. I understand there has been a lot of interest in the presentation, but would love to hear anything you have to say on the above.
Regards
Stephen Pollock
Stephenpollock1@gmail.com