POL4176 Lecture Notes - Lecture 7: Human Frailty, Financial Innovation, Economic Bubble
13 Jun 2016
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Rsa animate: crisis of capitalism: human frailty. Regulators were asleep as the switch, etc. etc. Therefore, the institutions need to be reconfigured: obsessed with a false theory. There is a need to return to keynes and more traditional theories: cultural origins. The impact of cultural values from one country onto another. Eg. greek economic crisis: failure of policy. Argument that there is too much regulation of the wrong sort. Look at what"s happened since the 1970s to now: In many ways, the form of this current crisis is dictated by the way we survived the last crisis. Capitalism never solves it"s crisis problems; it moves them around geographically. Eg. united states is recovering, but the crisis is just transferred to greece. Capital cannot abide by limits marx. Financial innovation has the effect of empowering the financiers. Without an anti-capitalist movement, the system will just restart. We have a duty to change our mode of thinking.
