David Harvey in the animated video considers the 2007/2008 crisis to be the latest of the eventualities at have put a dent into the development of capitalism. Harvey finds the recent crisis to exemplify the limits surpassed in pursuit of growth, and he considers the crises integral to capitalism itself and the way it revitalizes itself.
Like Harvey, I also share the sentiment that the 2007/8 crisis damaged the integrity of the growth model adopted after the 1970s capital crisis. Also, the recent crisis hints on the uncertainty of US maintaining its position as the dominant global power, especially with the change in the balance in the global economy transitioning to the rising powers of India and China. Harvey appreciates the urgency of restructuring to create a foundation for revitalized economic growth, but cautions the rush threatens a prompt return of credit and debt consequently another crisis. Harvey believes that for each of the capitalist crises, its predecessor was worse. Despite his belief that capitalism can overcome this crisis, he remains doubtful to a point advocating for an anti-capitalism movement to support a realistic alternative. For me, this aspect is the weakest point of his argument.
Previous radical political responses during crises have favored capitalism. The progressive growth of China and India amidst the recession shows that the ultimate transition in the balance of the global economy has only just started. Should this shift continue, it might be responsible for enormous growth potential and intake of surplus on the condition specific political conditions are accomplished. While the lecture provides an articulate explanation of the way, capitalism shapes the globe; his analogy falls short when propagated to responses of current crises as a reflection of previous crises.
I agree with the student that responses to capitalism from previous crises cannot apply to the present. The student considers failed policy to be the reason for the crises in that they shape the status of an economy.
Work Cited
RSA. “RSA ANIMATE: Crises of Capitalism.” Online video clip. YouTube. YouTube, Jun 28, 2010.Web. 28 April 2016.
