Intermediate price theory

Topics: Sociology, Law, Capital Pages: 2 (598 words) Published: April 23, 2014
RSA Animate – Crises of Capitalism
Commentary

In this animate, Harvey evaluates individual, institutional, ideological, cultural, and policy explanations for the recession. David Harvey starts out his animate by a question which is very simple to understand but very complex and elaborate: ‘Is it time to look beyond capitalism towards a new social order that would allow us to live whithin a system that could be responsible, just and humane? First, before going further in our analysis on the genres of explanatory formats, I believe that this video starts out on a wrong note. I don’t believe that we live within a system that is not responsible nor just nor humane. Indeed, some people feel threatened or even ignored by the system but at the end of the day, you can’t please everyone, you should target the majority and that is what’s happening nowadays. He blames his theory first on the human frailty, the predatory instincts, the instincts for mastery, the delusion of investors and greed. However, whether or not this system is going to change, the characteristics listed above will always be the same and are not going to disappear since they are human. Then, he goes beyond humans and looks at the institutional level, but I believe these two meet at a certain point and are mainly the same since institutions are run by people and if these people are greedy, competitive… yes the institutions will fail. These two explanatory genres, in my opinion are related and are caused by human yet inhumane characteristics that people exhibit. The third genres that Harvey states is the fact that people are obsessed with a false theory about the efficiency of markets and the fact that we should go back to Keynes or Minsky but I don’t think going back us is the answer, because if it did not work in the past, why would it work now? We should always look forward. Harvey then says that another explanatory genre is the cultural origins. Then, he blames it on the policy by saying it has...
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