The Anti-Capitalist Chronicles (Red Letter)

This book is a breezy and fascinating survey of Capitalism, from an expert on Marx. These days, there’s much chatter about the 1% and income inequality. Anyone who was around in the 60’s or 70’s wonders “What happened… and how can we fix it?” How often people exclaim “Let’s End Capitalism Now!” The buzz suggests that Socialism and Marxist economics could provide a solution. It was in this context that I read David Harvey’s book The Anti-Capitalistic Chronicles.David Harvey is a Professor at the City University of NY. He’s teaches and has written books on Neoliberalism and Marxist economics. The book is a series of essays, a Marxist critique of capitalism, with chapters on the growth and transformation of capitalism, shifts from labor to financial assets, references to the economies of Chile and China, Covid-19, and ideas for the future.What I learned from this book:- Capital is always about doubling the economy every 25 years- Neoliberalism is about sustaining and growing upper class wealth & power- Housing availability has decreased as housing has shifted from being a place to live to a speculative asset- The economy was rescued from collapse in 2007-8 by the expansion of the Chinese economy- A bewitching chapter on the $25B, 28 acre Hudson Yard development of retail, office, and high end housing, in NYC. Harvey says that it’s “a very barren environment… a symbolic presentation of the nature of what contemporary capital is about” and asks “How did this monstrosity get built”… as opposed to the more needed affordable housing?- Capitalism is less about the labor of the working class, and more about increasing financial assetsI suppose because Harvey is an expert on Marxist economics, he frequently compares trends in capitalism to things Marx said, ranging from the plight of workers, technology, and the growth of assets. This may have historic value, but lacks corrective ideas.There are significant efforts today in the US to create more income equality, access to health care, jobs, and housing. There are many ideas from the left, such as increasing taxes, the Green New Deal, and controls on corporations. Harvey’s final page or two are about the idea of creating “an alternative socialist society” where “we work only six hours a day and the rest of the time we do exactly as we please”. My view is that this a dated Marxist fantasy that hides from more practical changes in the economy needed for income equality. The book however, is a fascinating read for anyone interested in current economics.

There is a whole cadre of authors- Harvey, Klein and other arguing that socialism should replace capitalism. Instead of keeping the good characteristics of capitalism and fixing certain problems, they argue that the whole system should be replaced. What are we then left with? No entrepreneurship, no new medical innovations, etc. And who gets to decide what is best for society? Of course-they do. Or President Xi , Mr. Putin, Bernie or the Squad. In many examples within the book, such as an airline going bankrupt, Harvey assumes that only the workers get hurt because they lose pensions etc. What about shareholders like state pension funds, 529 accounts for children, and mom and pop middle class investors who invested and took the risk in the airline? Conveniently not mentioned. This is what Marxists do-look at arguments from one side and try to make Marxist axioms fit the bill. My dad lived under Marxism, Communism and when he came here he kissed the ground. Socialism leads to extreme concentration of power which eventually results in dictatorship. I am open to new thought and I have read many of Harveys books, but most of this stuff has been declared dead and buried. Capitalism has reduced global poverty and produced many wonderful outcomes- medicine, etc. . Of course there are defects such as climate change, but we should fix the existing system -not tear it down.

A great book for anyone wondering if there can be a better way to work and live. Harvey breaks down not only how we got in this mess with capital but lays out the path to the future. Indeed! Why can't we.

I've read works by David Harvey before, especially his Brief History of Neoliberalism, and I see this as a much-needed update to his book instead of him repeating himself. Highly recommend.

Big fan of Harvey's summary of Marx's Kapital so bought this book when I noticed it was fairly new and included perspectives on COVID. Although the content is decent, there is little new here if you are already familiar with the works and ideas of Marx and Engels. If you are not familiar with them already, this is a decent place to start.

Ok I have just finished reading David’s book, for the first time and know that I need to read it again. The book draws heavily from Marx and this is not a criticism, on the contrary it demonstrates how Marx, in very relatable language, was centuries ahead of his time.