The Enigma of Capital and the Crises of Capitalism, by David Harvey Essay

The Enigma of Capital and the Crises of Capitalism, by David Harvey Essay

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David Harvey is a professor at the Graduate Center of the City University of New York. He has authored many books and articles dealing with the social issues of the modern world, his writings include; Social Justice and the City, The Condition of Postmodernity, The Limits to Capital, and A Brief History of Neoliberalism. In the book, The Enigma of Capital and the Crises of Capitalism, David Harvey examines the circumstances that resulted in the 2007 economic collapse. He attempts to connect what appears at the surface to be random market failures into a larger indictment on the entire capitalist system.
It is Dr. Harvey’s belief that capital flow is the lifeblood of capitalist societies and for the system to work there must be constant growth. When there isn’t enough growth then the system is in crisis. Reoccurring crisis is one of the major issues with capitalism in his opinion as perpetual growth will eventually become unsustainable and a market correction will result. These corrections rarely affect the wealthy individuals that caused the issue as they have already pocketed all the profits available and moved on to their next target market. The lower and middle classes of society are left with the results of a system that adds wealth only to the world’s elite while saddling everyone else with massive debts and liabilities.
The economic system of the United States and the rest of the world were once based on industry and the manufacturing of goods. As the profits from these industries began to be unable to keep up with the demand of three percent annual growth, the amount David Harvey feels is necessary to prevent crisis, investors began looking to the higher profit margins that the financial markets can achieve. This ...

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...rack Obama, “Change will not come if we wait for some other person or some other time. We are the ones we've been waiting for. We are the change that we seek.”

Works Cited

Harvey, D. (2010). The enigma of capital: and the crises of capitalism. Oxford [England:
Oxford University Press.

Kroll, L. (2014, March 3). Inside The 2014 Forbes Billionaires List: Facts And Figures.
Forbes. Retrieved March 12, 2014, from
2014 /03/03/inside-the-2014-forbes-billionaires-list-facts-and-figures/

Morrison, T. (2012, February 6). 3 Reasons to Repeal 1913. RSS. Retrieved March 12,
2014, from

Stark, B. (2009). Theories of Poverty/The poverty of theory. Brigham Young University
Law Review, 2009(2), 381-430. Retrieved from /docview/ 194367379?accountid=33279

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