preview

A Brief History Neoliberalism Analysis

Decent Essays

The David Harvey reading “A Brief History Neoliberalism” would explain the global crises of 2008 as a class war and a neoliberal-ruling class project purposely orchestrated by a class conscious elite as a means to facilitate a return to power and acquire capital accumulation through “Accumulation by Distribution”
The four policies Harvey says are vital to neoliberal accumulation by distribution policy and used to explain the state facilitating the 2008 Economic crisis are 1. Privatization which opened new markets of capital accumulation of 2. Finacilization which allowed redistribution, speculation and fraud 3. Crises Management /Manipulation which allowed “debt traps” a primary means of accumulation by distribution and State Redistribution …show more content…

Due to bailouts many bankers and corporations walked away with their wealth, and profits from the mortgage boom and bust. Thus a neolibrilized government facilitating the shifting of wealth from the American workers caused workers to lose their investments in their homes to wealthy bankers and cooperation’s. Harvey would say this demonstrates the porous connection between state and capitalist and how even without any new market crisis the capitalist finds new ways to make money facilitated by the government in every aspect other than the regulation of their business and banking practices…. Harvey adds that “Neoliberalism is especially assiduous in seeking privatization of assets. Thus sectors formally regulated by the state must be turned over the private sphere and deregulated e.g. freed from any state interference”. (Harvey 65). (Yet the same neoliberal policy that calls on no government intervention, welcomed state interference to bail them out of their mortgage failures during the 2008 economic crisis). Due to redistribution by accumulation policies and a revolving door of legislators in their pockets through lobbying and campaign contributions to politicos, the banking and corporate sectors, overlap with the state insured, the bankers could call on the state for financial assistance when the mortgage scheme fell through which they did. As previously stated many Bankers from the mortgage boom and bust walked away from the mortgage bust with their wealth intact, due to accumulation by distribution, while the working class lost their credit ratings, home investment and equity which is a primary source of wealth for most working class people. Harvey “says Neoliberal manipulation of markets brings immense wealth to a few at the expense of many” (Harvey

Get Access