Spaces of Global Capitalism. Towards a Theory of Uneven December Political Science Posted on The Enigma of Capital is a timely call-to-arms for the end of the capitalism, and makes a compelling case for a new social order that would allow us to live within a system that could be responsible, just and humane Author : David Harvey Publisher: Profile Books ISBN: Category: Political Science Page: View: Laying bare the follies of the international financial system, eminent academic David Harvey looks at the nature of capitalism, how it works and why it sometimes doesn't.
Oil rents and oil futures therefore get capitalised as a form of fictitious capital and claims also circulate in such a way that all operators in these markets hedge their bets, create all manner of derivatives and then seek to Prologue -- The visualisation of capital as value in motion -- Capital, the book -- Money as the representation of value -- Anti-value: the theory of devaluation -- Prices without values -- The question of technology -- The space and time These are the tensions which underpin the persistence of mass unemployment, the downward spirals of Europe and Japan, and the unstable lurches forward of China and India.
This book presents a sequence of landmark works in David Harvey's intellectual journey over five decades. III, p. The Limits to Capital. London: Verso. Harvey, David. The Enigma of Capital and the Crises of Capitalism. New York: Oxford University Press. So how, then, can we put Marx's theorization of the internal contradictions of capitalism to work to understand the John Cumming New York: Continuum, , London: Zero Books, Spaces of Global Capitalism.
Towards a Theory of Uneven December The Enigma of Capital is a timely call-to-arms for the end of the capitalism, and makes a compelling case for a new social order that would allow us to live within a system that could be responsible, just and humane Author : David Harvey Publisher: Profile Books ISBN: Category: Political Science Page: View: Read Now » For three centuries the capitalist system has shaped western society, informed its rulers, and conditioned the lives of its people.
If that book sought to comprehend the formation, extension, and dominance of neoliberalism across the globe, the Enigma of Capital seeks to underline its weaknesses, portraying the economics of neoliberalism as increasingly under strain. For Harvey, the crux of the problem is that the reproduction of a healthy capitalist economy requires a continual compound rate of growth per annum of 3 per cent , p.
The rise of financialisation and neoliberalism that began in the s was a response to this imperative, and to the surplus of capital that had been built up in the preceding years. However, rather than being invested in production, this surplus capital was directed towards the acquisition of property or absorbed within the banking system as speculative capital.
For Harvey, this relation of mobile financial capital to fixed productive capital requires the incorporation of a geographical perspective into any theory that proposes to explain the general accumulation of capital.
The accelerating process of urbanisation and the creation of spectacular building projects, such as in Dubai, provide crucial sites for the mopping up capital surplus, while at the same time providing a mechanism for the expansion of credit through the securitisation of mortgages for these new properties. This leads Harvey to argue that: … rent has to be brought forward into the forefront of the analysis, rather than being treated as a derivative category of distribution as happens in Marxist as well as in conventional economic theories.
Only in this way can we bring together an understanding of the ongoing production of space and geography and the circulation and accumulation of capital and put them in relation to processes of crisis formation where they so clearly belong. Harvey's characterisation of financialisation as an attempt to deal with problems of over-accumulation is indebted, as he makes clear, to Giovanni Arrighi's landmark book the Long Twentieth Century Of course, as a nation with vast financial reserves and a rapidly urbanising population, China in many ways seems destined to overtake the United States.
However, Harvey overlooks the political consequences of this hegemonic transition, choosing instead to discuss the potential environmental consequences of China's rise.
Nature, he argues, cannot impose any absolute limits on capital, which can always circumvent, overcome and adapt. The question, therefore, is one of how capitalist dynamics provoke environmental change, and of how environmental change alters social relations.
Thus, rather than focusing on the supposed limits to capital accumulation imposed by nature, Harvey argues that our attention should be directed towards the adaptations that will occur in order to navigate around what appeared to be formally insurmountable barriers to continual growth , p. However, it is when he attempts to deploy this concept as political analysis that his argument is at its weakest.
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