Harvard students take on neo-liberal economics

Submitted by Matthew on 9 November, 2011 - 3:32

By Gabriel Bayard and Rachel Sandalow-Ash

On Wednesday 2 November there was a citywide education walkout in Boston against rising costs of education.

Student debt has just exceeded $1 trillion in the US, which is more than credit card debt.

We walked out of our course (Economics 10) because we found it was emblematic of the ideology that has created the economic collapse. Our tutor, Gregory Mankiw, was an advisor to Bush Junior and now advises Republican Presidential candidate Mitt Romney.

Republican administrations are known for cutting taxes on the wealthy while not doing anything for the poor, and the financial crisis took place at the end of the Bush administration. It was a result of 30 years of deregulation of the financial markets and rising income inequality with cuts to social services and tax breaks for the very rich, starting with Reagan.

Harvard has historically been a training ground for people who go on to be the elite. Harvard grads become very important people who go on to do very bad things to our financial system.

Mankiw teaches us from his own textbook and doesn’ t use other journal articles. So we don’ t see other perspectives or rigorous debate. It would be good to bring in a greater diversity of reading and views.

We wanted to walk out and raise the debate, to communicate to students that instead of taking what our professor says for granted we should think critically.

We’ re not opposed to Mankiw teaching his point of view at Harvard. But he teaches only his point of view to introductory economics classes of over 700 students a year.

We plan an Occupy Harvard rally and march around Harvard yard. We will be stopping in front of the Economics department and doing a protest there.

We are pushing against the corporatization of Harvard as a whole. We are pushing for Harvard to treat its workers and use its $32 billion endowment in a socially responsible way.

Harvard has a responsibility to use its money to create a university for the 99% and not a corporation for the 1%. They outsource their money to hedge funds, one of which has been grabbing up land in Africa in the hope of gaining natural resources. It’ s a non-transparent process. There is another venture capital firm that purchases hotels around the US, with a proven track record of mistreating staff, several of their hotels have gone on strike.

A “university for the 99%” would be transparent in its endowment, invest in a responsible manner, be fair with its unions.

It would teach its courses in a way that promotes critical thinking and doesn’ t just teach people to accept the way that financial systems and the world is currently run; it would encourage access to education for students of any background; it would not lobby against the Higher Education Transparency Act which would oblige them to disclose what they do with their money.

The student movement has been active in the occupy movement.

The main issues in the student movement are cuts to public universities around the country which have resulted in increased cost of living and health and decreased financial aid. It’ s tied in with issues of equality.

There has a march in solidarity with Occupy Oakland.

Is the occupy movement’ s vagueness a weakness or a strength? We think it’ s both. If we were to set up a list of demands, we would headline socialisation of our healthcare system. We think that regulation of the financial markets is necessary to prevent speculation on people’ s homes and lives; and we think that taxes should be raised on the 1% and we should be investing more money in education and less money in wars.

Corporate influence is a major problem in the US and there should be steps taken to limit that.

Politicians talk about cutting taxes because that sounds good and then they’ ll say, “oh no we have a budget crisis, we have to cut social services”. They create budget crises and resolve them by cutting social services for the elderly and the poor.

There should be more investment in green jobs, education, socialised healthcare; raising the capital gains taxed which is only at 15% which is significantly lower than the tax on a lot of other people; we should create jobs.

We would like to see politicians start reacting more concretely to the occupy movement.

Occupy movement activists support the labour movements and student movements in the UK. We need to bridge the gaps between countries.

• Abridged from: bit.ly/virgF4

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