Block's Economic Crisis Analysis

Decent Essays
Block would explain that the economic crisis happened because government official are acting in their own self interest and that it overlapped with the interest of capitalists. Explaining this process in what he calls happening “ behind the actor back” meaning the government official during this time thought they were doing what was best for them , but in reality they were a serving the banks and wall street (Block, 52). Block stated in his papers that it “includes in the category of influence channels is the recruitment of the ruling class member into government services” (Block 57). Block would have believed that every person that was selected into a federal position in the finical department was put there for the purpose of serving the…show more content…
Since American economy is so interconnect to the rest of the world, it became global situation. He would further argue that the only reason that official go against the capitalist is to maintain a strong society and to have a strong society there need to be public support. So the American government intervention in the global economy crisis and takes control of the business to try to bring society back to a normal period. But that even when the depression has passed that wall street will still not be a fault with their action “This argument suggest that while some concession will be made to the working class, the threat of the decline in business confidence will block major efforts to rationalize capitalism” ( Block , 65). This is what blocked would use to explain to why after all of this happen Wall Street was never held accountable for their action. Block would have seen that capitalist where acting in their own self interest and for the capitalist interest overlapped with the government interest there was no regulation, which leads to the crisis because of the struggle the working class endure during this…show more content…
He would believe that the freedom of the masses was compromised to favor the freedom of the few. That Wall Street was practicing accumulation of disposition by “transfer assets and channel wealth and income, either from the mass of the population towards the upper classes or from vulnerable to richer countries” (Harvey, 34). One example of this is Eric holder who served as the United State attorney general and who hand out soft punishment wealth to keep them in power, and helped the wall street capitalize while the countires and people that they took from where left to suffer the consequences from the action of wall street. The shifting of money and power happen in four way: privatization; financializtion; management and manipulation of the crisis; and state redistributions (Harvey ,160) . One example of these three is Privatization would explain why so many professors and administer from school like Harvard, would be paid to write positive review about an investment, giving it a top grade even though it really was unstable and not trustworthy. This caused working class people to put their money into investment thinking that they would benefit, but in reality it hurts them in the long run. Global crisis was created because we end up with a society that had no balance and benefit the corporation, and not the people. “These debt crises where orchestrated, managed,
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