Essay in Enigma

The Enigma of Capital

also by david harvey The Limits to Capital (1982) The health of Postmodernity (1989) The New Imperialism (2003) A Brief History of Neoliberalism (2005) Spots of Global Capitalism (2006) The Communist Evidente: New Introduction (2009) Cosmopolitanism and the Geographies of Freedom (2009) Social Justice plus the City: Revised Edition (2009) A Associate to Marx's Capital (2010)

The Enigma of Capital

and the Downturn of Capitalism

DAVID HARVEY

1

2010

1

Oxford University Press, Inc., posts works that further Oxford University's target of quality in study, scholarship, and education. Oxford New York Auckland Cape Town Dar ha sido Salaam Hk Karachi Kuala Lumpur Madrid Melbourne Mexico City Nairobi New Delhi Shanghai Taipei Toronto With offices in Argentina Austria Brazil Republic of chile Czech Republic France Greece Guatemala Hungary Italy Japan Poland Italy Singapore Southern region Korea Swiss Thailand Turkey Ukraine Vietnam

Copyright В© 2010 by simply David Harvey

Published in North America by Oxford University or college Press, Inc. 198 Madison Avenue, Ny, NY 10016 www.oup.com Released in the United Kingdom in 2010 by Profile Books Limited. Oxford is a registered trademark of Oxford University Press All privileges reserved. No part of this kind of publication can be reproduced, trapped in a retrieval system, or perhaps transmitted, in any form or perhaps by any means, electronic, mechanical, copying, recording, or else, without the before permission of Oxford School Press. Library of Congress Cataloging-in-Publication info is available ISBN: 978-0-19-975871-5

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Contents

Preamble 1 a couple of 3 5 5 6 7 almost 8 The dysfunction Capital assembled Capital Goes toward Work Capital Goes to Marketplace Capital Advances The Geography of it all Imaginative destruction on the Land What is to be done? and Who is Going to do it? appendices Resources and Further browsing index

ni 1 40 58 106 119 140 184 215 261 263 268

Preamble

This book is about capital stream. Capital is definitely the lifeblood that flows throughout the body politic of all individuals societies we all call capitalist, spreading away, sometimes like a trickle and also other times as being a flood, in every space and cranny of the inhabited world. it can be thanks to this flow that individuals, who live under capitalism, acquire our daily bread and our houses, cars, mobile phones, shirts, shoes or boots and all the other products we need to support our daily life. By way of these types of flows the wealth is done from which the countless services that support, amuse, educate, reanimate or cleansing us are provided. By demanding this stream states boost their electricity, their army might and the capacity to guarantee an adequate regular of existence for their citizens. interrupt, slow down or, even more difficult, suspend the flow and that we encounter an emergency of capitalism in which daily life can no longer carry on in the style to which we have become acquainted. Understanding capital flow, the winding path ways and the odd logic of its behavior is therefore crucial to our understanding of the conditions under which we live. in the early years of capitalism, political economists of stripes struggled to understand these flows and a critical gratitude of how capitalism worked started to emerge. But in recent times we have veered away from pursuit of such critical understanding. instead, we build advanced mathematical models, endlessly evaluate data, scrutinise spread sheets, dissect the detail and bury virtually any conception from the systemic personality of capital flow within a mass of papers, information and estimations. When her Majesty Queen Elizabeth 2 asked the economists in vi

Preamble

the London, uk School of Economics in November 08 how come they had not noticed the current catastrophe coming (a question which was surely about everyone's lip area but which in turn only a feudal monarch could and so simply pose and expect some answer), the economists had not any ready response. assembled with each other under the aegis of the...



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