This is a clip from Anti-Capitalist Chronicles: The Politics of Austerity of the 70s & 80s, in which Professor Harvey explains how the New York City fiscal crisis in the 1970s set the precedent of guaranteeing repayment to the bondholders and the financial institutions first and foremost, resulting in the sacrifice and suffering of the people. Harvey argues that the rising ruling class at the time looked for a theory to turn this precedent into mainstream economic theory and found their answer in neoliberalism.
"Neoliberalism is often presented as a set of ideas that became hegemonic for some reason or other. Well, there's a certain truth there. But, my own view is that neoliberalism was something which arose because the class power wanted to do something and it needed a rationale to do it. And it looked around for a rationale and it found it. And it found it in neoliberal theory... And that these ruling ideas were those in which supply side conditions become foundational for public policy. Public policy should take care of the supply, on the inputs as it were, and the demand will look after itself... The ruling ideas at any epoch are the ideas of the ruling class." - Professor Harvey
Watch the full episode: [ Ссылка ]
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