41 of 43 people found the following review helpful
Brilliant popularisation of Marxist political economy,
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This review is from: The Enigma of Capital: And the Crises of Capitalism (Hardcover)David Harvey is probably both the best known and most prolific author on popular topics in Marxist economics today, and this is one of his best books so far. Working always from his perspective as an economic geographer, in "The Enigma of Capital" he uses the occasion of the current financial crisis to provide a lengthy and highly accessible popular overview of the theory of capital. He analyzes what capital is, where it came from, how it accumulates, how it relates to markets, what the role is of ground rent and localization in its movement (both metaphorical and real), and finally combines all this into a highly compelling political economic narrative. What is especially virtuous about this book, even compared with some of Harvey's excellent earlier works, is his ability to explain the general thrust of Marxist political economy in a manner that is easily understood by the wider newspaper-reading public and without using virtually any of the specific technical terminology of Marxism, as well as avoiding any of the explicit political content that is specific to Marxism (other than a very skeptical attitude towards capitalism as such). This is no mean feat given the complicated nature of capital and the different levels of analysis it seems to require to be fully understood. Harvey of course adds to the fairly traditional Marxist picture so narrated his own particular emphasis on place and space as essential mediating elements in capital's circulation, both economically and politically. I think this is a useful and important addition, in particular with an eye to the local impact of political economy becoming 'real' in this way - one need but look at Newcastle or Detroit and see what this means.
The book focuses on analyzing capitalism as it presents itself now - there is not much political commentary in terms of opposition to capitalism, except for some general comments at the end. This avoids, as too many Marxist economic books do, the question of realistic alternatives. It also does not pay particular attention to the 'prehistory' of capital. But both of these are very irrelevant objections, as the virtue of this book is not to be yet another rehash of things that have been done very well by others already. Its virtue is in integrating the analysis of space, crisis, and capital into a work for a general public that is hostile to Marxist terminology and skeptical about economists in general (both probably with good reason). For that reason alone, this book comes with warm recommendation - even more when combined with his other recent major works, "The Limits to Capital" (Limits to Capital) which works at a more in-depth theoretical level, and his companion to Marx's Capital (A Companion to Marx's Capital).