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Harvey: Neoliberalism as Creative Destruction (Neo- Liberalism (Role of…
Harvey: Neoliberalism as Creative Destruction
Significance of 2007 Crisis
Predatory housing system that built huge bubble and resulted in a global recession
Crisis that was arguably born from neo-liberalism
Resulted in the "Occupy Wallstreet" movement - brought out a generation of people that were negatively impacted by upward distribution of wealth
College graduates burened by debt, unable to get jobs in the recession - class struggle that must be understood under a different model
Ruling Class of the Occupy Movement: The 1 % (in reality the .1%) - Class Consolidation, the smaller and smaller elite of neo-liberal ruling class
Particular moment in the history of capitalism
Accumulation by Dispossession
Financialization
Moving money can happen completely digitally and nstantly - investments can be transferred an wealth can move around the qorld very quickly
Technical innovation: the dynamic complexity of the stock market drive the development of intelligent technology to interact with markets
New stage of capitalism
Privatization
State Redistributions
Working in the favor of .1% to bail out bad financialization; too big to fail players in the global markets
Crisis Management and Manipulation
Crises are made possible by financial distributions that benefit the state redistributors in times of financial crisis
Neo- Liberalism
Neo- Liberalism vs. capitalism
Often used as slur, but we need to examine how and why it is used in different contexts
DEFINITION: Those ideas include economic liberalization policies such as privatization, austerity, deregulation, free trade[3] and reductions in government spending in order to increase the role of the private sector in the economy and society.[11] These market-based ideas and the policies they inspired constitute a paradigm shift away from the post-war Keynesian consensus which lasted from 1945 to 1980
Neoliberalism is a theory of political economic practices proposing that human well-being can best be advanced by the maximization of entrepreneurial freedoms within an institutional framework characterized by private property rights, individual liberty, unencumbered markets, and free trade.
Role of the State
The state has to be concerned, for example, with the quality and integrity of money. It must also set up military, defense, police, and juridical functions required to secure private property rights and to support freely functioning markets.
Military, create markets for education and health care
Police forces to maintain order,
stateracism
allows us to build up massive incarceration at home and murder helpless vulnerable populations abroad
Governance over things that affect everyone in society; public safety
Classic liberalists
John Locke, Adam Smith, Founding Fathers, etc.
Relationship between history and theory
Very Marxist influence in Harvey' analysis
Naturalization of Ideology
Ideology at work: concepts that are so ingrained that noone thinks to question the roots of existence of these standards
Private Participation in the state
Private groups/companies invest in the state, through lobbying and other ways, to uphold their ideals