Too many people on the left buy the financialization idea i.e somewhere around the 1980s the financial institutions dominate the economy so much that their well being determines the fate of the economy, that wall street is the main problem because it is too much of a parasite on the real "industrial" economy and if you could control or regulate Wall street then "industrial" capitalism would go back to working just fine.
This is very appealing to many because mainstream economists also like this theory, it means the problem isn't capitalism itself but some small part of it that can be fixed. But this is also extremely anti-Marxist theory as while finance capital does exist and it is undeniably a problem, the falling rate of profit(and the empirical evidence) shows capitalism will suffer from crisis despite financial capital and there is no return to the golden age of the 50s anymore ever.
There is more on MR blog here if you are interested. Harvey also debated about the law of value too.
Lol, fr? What does he think is attributed to this? Like even committed capitalists and liberals understand this mechanism.
deleted by creator
Too many people on the left buy the financialization idea i.e somewhere around the 1980s the financial institutions dominate the economy so much that their well being determines the fate of the economy, that wall street is the main problem because it is too much of a parasite on the real "industrial" economy and if you could control or regulate Wall street then "industrial" capitalism would go back to working just fine.
This is very appealing to many because mainstream economists also like this theory, it means the problem isn't capitalism itself but some small part of it that can be fixed. But this is also extremely anti-Marxist theory as while finance capital does exist and it is undeniably a problem, the falling rate of profit(and the empirical evidence) shows capitalism will suffer from crisis despite financial capital and there is no return to the golden age of the 50s anymore ever.
There is more on MR blog here if you are interested. Harvey also debated about the law of value too.