[S5.5 E07] The Question of Debt in Our Lives

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Last week Professor Harvey pointed out that the basic means by which consumerism is developed in such a way is to be consistent with the growth of an economy based upon profit seeking was to expand indebtedness. But it turns out that the credit system and the circulation of interest-bearing capital on the development of indebtedness has another very strong role. And therefore there is a double force which is concentrating upon the credit system. And that double force is related to the fact that increasingly in the history of capital, capital has required more and more fixed capital, fixed capital within the factory in the form of machines and plant and all the rest of it, but also fixed capital of what Marx called fixed capital of an independent kind - that is fixed capital that would be used in common. Professor Harvey traces the development of fixed capital and the credit system to understand the financialization of our economy today.

David Harvey's Anti-Capitalist Chronicles is co-produced by Politics in Motion. Politics In Motion is a nonprofit organization founded in May 2023 by Prof. David Harvey and Prof. Miguel Robles-Durán, along with Dr. Chris Caruso, instructional technologist, and noted writer and art curator Laura Raicovich. Our anti-capitalist media platform offers piercing insights and thought-provoking analyses on political, social, spatial, cultural, environmental and economic issues through a range of engaging mediums, including YouTube streams, podcasts, and live events.

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David Harvey's lastest book "A Companion to Marx's Grundrisse" (Verso 2023):

https://www.versobooks.com/products/2930-a-companion-to-marx-s-grundrisse

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#profit #capital #finance #consumerism