RE: [OPE] David Harvey, "Why the U.S. Stimulus Package is Bound to Fail"

Date: Sat Feb 14 2009 - 09:13:05 EST

> The most important paragraph in this article is the last one - why is Harvey > encouraging Western leaders to 'save capitalism from the capitalists'?
You mean the part where he says "if that means socialism ... then so be it"?
I agree that Harvey could have made his point better. I don't agree that this
means that he is a Keynesian. Nor do I agree that this was the most
important part of his article.
There have been a variety of serious analytical mistakes made by some
Marxians when analyzing the current crisis. One of these errors (not committed
by Harvey) is to assert that the bailout of Wall Street can't hurt the
working class (!) because the bailout allegedly represented merely a transfer of funds
between the state and a capitalist class. You'd think they never heard of taxation
on the working class and how the state can (within limits) redistribute income and
wealth. Harvey's analysis is heads and shoulders above such simplistic analyses.
In solidarity, Jerry
> >> Whether or not true Keynesianism in China (along with some other states > >> in a similar position) will be sufficient to compensate for the > >> inevitable failure of reluctant Keynesianism in the West is an open > >> question, but the unevenness coupled with fading US hegemony may well be > >> the precursor to a break up of the global economy into regional hegemonic > >> structures which could just as easily fiercely compete with each other as > >> collaborate on the miserable question of who is to bear the brunt of > >> long-lasting depression. That is not a heartening thought but then > >> thinking of such a prospect might just awaken much of the West to the > >> urgency of the task before it and get political leaders to stop preaching > >> banalities about restoring trust and confidence and get down to doing > >> what has to be done to rescue capitalism from the capitalists and their > >> false neoliberal ideology. And if that means socialism, nationalizations, > >> strong state direction, binding international collaborations, and a new > >> and far more inclusive (dare I say “democratic”) international financial > >> architecture, then so be it.

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Received on Sat Feb 14 09:15:34 2009

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