The Crisis of Capitalism-

Capital has been the far most essential need for building and promoting empires in our modern economy. Moreover, Capitalism is commonly thought of as an economic system in which private entities own and manage a business as per their own interest, demand and supply to freely set the market prices in a way to benefit the society. Furthermore, the main characteristics of capitalism is to maximize profit. Capitalism has a lot of advantages as it can be self-regulating by competition and it ensures productivity. On the other hand, crisis is evitable in capitalism. The present economic downturn is no exception. According to (Harvey, 2010) we have been through this crisis and there are all sorts of explanatory formats out there. It is interesting to look at the different genres (Harvey, 2010).

The very first genre that was discussed by Harvey was Human Frailty. Human nature has been weakly described as part of human frailty. However, there is a whole world of theories that suggests that it's the predatory instincts, the fantasies of investors, greed and many more to add on. As a result, the debate continues.

i. Discuss the first genre Human frailty in detail

Secondly, the next genre is there is institutional failures. This genres highlights that the regulators were sleeping on their jobs hence the shadow banking system revamped outside of their scope. Competitively the institutions must be reformed and global initiative must be taken and it needs to be restructured.

ii. Discuss the second genre Institutional failure in detail

The next genre was false theory. In particular, everybody was obsessed by the false theory and they all believed that the market was running efficiently. Competing scientific theories are loudly debated on the basis of constantly emerging new evidence

iii. Discuss the third genre False theory in detail

The fourth genre discussed was the cultural origin. This genre was described as an Anglo Saxon disease where no individual was interested in others business.

iv. Discuss the fourth genre cultural origin in detail

Lastly, it was the failure of policies. There has been to many regulators of the wrong sort with internal contradictions of capital accumulation.

iv. Discuss the fifth genre Failure of policies in detail