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Image of the quote is loading... SaveSave Since the 1970S, financial innova­tions such as the securitisation of mortgage debt and the spreading of investment risks through the creation of derivative markets, all tacitly (and now, as we see, actually) backed by state power, have permitted a huge flow of excess liquidity into all facets of urbanisa­tion and built environment construction worldwide. - Quote by David Harvey

Since the 1970S, financial innova­tions such as the securitisation of mortgage debt and the spreading of investment risks through the creation of derivative markets, all tacitly (and now, as we see, actually) backed by state power, have permitted a huge flow of excess liquidity into all facets of urbanisa­tion and built environment construction worldwide.

David Harvey
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The common-sense notion that 'There is a time and place for everything' gets carried into a set of prescriptions which replicate the social order by assigning social meanings to spaces and times.
David Harvey
Fierce, and what capitalists sometimes call 'ruinous' competition tends, therefore, to produce leap-frogging innovations that more often that not lead capitalists to fetishise technological and organisational innovations as the answer to all their prayers
David Harvey
Beyond the speculative and often fraudulent froth that characterizes much of neoliberal financial manipulation, there lies a deeper process that entails the springing of ‘the debt trap’ as a primary means of accumulation by dispossession. Crisis creation, management, and manipulation on the world stage has evolved into the fine art of deliberative redistribution of wealth from poor countries to the rich. I documented the impact of Volcker’s interest rate increase on Mexico earlier. While proclaiming its role as a noble leader organizing ‘bail-outs’ to keep global capital accumulation on track, the US paved the way to pillage the Mexican economy. This was what the US Treasury–Wall Street–IMF complex became expert at doing everywhere. Greenspan at the Federal Reserve deployed the same Volcker tactic several times in the 1990s. Debt crises in individual countries, uncommon during the 1960s, became very frequent during the 1980s and 1990s. Hardly any developing country remained untouched, and in some cases, as in Latin America, such crises became endemic. These debt crises were orchestrated, managed, and controlled both to rationalize the system and to redistribute assets. Since 1980, it has been calculated, ‘over fifty Marshall Plans (over $4.6 trillion) have been sent by the peoples at the Periphery to their creditors in the Center’. ‘What a peculiar world’, sighs Stiglitz, ‘in which the poor countries are in effect subsidizing the richest.
David Harvey
The main substantive achievement of neoliberalization, however, has been to redistribute, rather than to generate, wealth and income. …[T]his was achieved under the rubric of ‘accumulation by dispossession’. By this I mean the continuation and proliferation of accumulation practices which Marx had treated of as ‘primitive’ or ‘original’ during the rise of capitalism. These include the commodification and privatization of land and the forceful expulsion of peasant populations (compare the cases, described above, of Mexico and of China, where 70 million peasants are thought to have been displaced in recent times); conversion of various forms of property rights (common, collective, state, etc.) into exclusive private property rights (most spectacularly represented by China); suppression of rights to the commons; commodification of labour power and the suppression of alternative (indigenous) forms of production and consumption; colonial, neocolonial, and imperial processes of appropriation of assets (including natural resources); monetization of exchange and taxation, particularly of land; the slave trade (which continues particularly in the sex industry); and usury, the national debt and, most devastating of all, the use of the credit system as a radical means of accumulation by dispossession.
David Harvey
But the more time has been released from production, the more imperative it has become to absorb that time in consumption and consumerism, given that, as was earlier argued, capitalist 'economic rationality has no room for authentically free time which neither produces nor consumes commercial wealth'. The ever-present danger is that freely associating and self-creating individuals, liberated from the chores of production and blessed with a whole range of labour-saving and time-saving technologies to aid their consumption, might start to build an alternative non-capitalistic world. They might become inclined to reject the dominant capitalist economic rationality, for example, and start evading its overwhelming but often cruel rules of time discipline. To avoid such eventualities, capital must not only find ways to absorb more and more goods and services through realisation but also somehow occupy the free time that the new technologies release.
David Harvey
Capitalists too, as the novelist Charles Dickens noted, liked to think of their workers as 'hands' only, preferring to forget they had stomachs and brains. But, said the more perceptive nineteenth-century critics, if this is how people live their lives at work, then how on earth can they think differently when they come home at night? How might it be possible to build a sense of moral community or of social solidarity, of collective and meaningful ways of belonging and living that are untainted by the brutality, ignorance and stupidity that envelops labourers at work? How, above all, are workers supposed to develop any sense of their mastery over their own fates and fortunes when they depend so deeply upon a multitude of distant, unknown and in many respects unknowable people who put breakfast on their table every day?
David Harvey
We can't, it seems, live without [capitalism] even as we complain about it.
David Harvey
Barriers to accumulation are perpetually dissolving and re-forming around the issue of so-called natural scarcities and on occasion, as Marx might put it, these barriers can be transformed into absolute contradictions and crises.
David Harvey
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