This book is a breezy and fascinating survey of Capitalism, from an expert on Marx. These days, there’s much chatter about the 1% and income inequality. Anyone who was around in the 60’s or 70’s wonders “What happened… and how can we fix it?” How often people exclaim “Let’s End Capitalism Now!” The buzz suggests that Socialism and Marxist economics could provide a solution. It was in this context that I read David Harvey’s book The Anti-Capitalistic Chronicles.
David Harvey is a Professor at the City University of NY. He’s teaches and has written books on Neoliberalism and Marxist economics. The book is a series of essays, a Marxist critique of capitalism, with chapters on the growth and transformation of capitalism, shifts from labor to financial assets, references to the economies of Chile and China, Covid-19, and ideas for the future.
What I learned from this book:
- Capital is always about doubling the economy every 25 years
- Neoliberalism is about sustaining and growing upper class wealth & power
- Housing availability has decreased as housing has shifted from being a place to live to a speculative asset
- The economy was rescued from collapse in 2007-8 by the expansion of the Chinese economy
- A bewitching chapter on the $25B, 28 acre Hudson Yard development of retail, office, and high end housing, in NYC. Harvey says that it’s “a very barren environment… a symbolic presentation of the nature of what contemporary capital is about” and asks “How did this monstrosity get built”… as opposed to the more needed affordable housing?
- Capitalism is less about the labor of the working class, and more about increasing financial assets
I suppose because Harvey is an expert on Marxist economics, he frequently compares trends in capitalism to things Marx said, ranging from the plight of workers, technology, and the growth of assets. This may have historic value, but lacks corrective ideas.
There are significant efforts today in the US to create more income equality, access to health care, jobs, and housing. There are many ideas from the left, such as increasing taxes, the Green New Deal, and controls on corporations. Harvey’s final page or two are about the idea of creating “an alternative socialist society” where “we work only six hours a day and the rest of the time we do exactly as we please”. My view is that this a dated Marxist fantasy that hides from more practical changes in the economy needed for income equality. The book however, is a fascinating read for anyone interested in current economics.
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