Wall Street Occupation Protests and Their Global Effect
Alex Tran
Wall Street, the centre of New York City’s financial district, has been immortalized as the ultimate symbol of consumer capitalism and corporate greed. Thus, it is only fitting that the string of protests that aim to challenge the current economic situation have targeted the American landmark. Occupy Wall Street started on September 17—constitution day in the United States—and continues to present day. The movement has spread around the world with protests forming in major cities-including Toronto, where protesters have taken over St. James Park.
On the first day of protests, 1000 demonstrators marched through the streets of New York and about 100-200 stayed overnight in cardboard boxes. About 87 protesters were arrested in a week, primarily for blocking traffic. At the start of October, a new protest on the Brooklyn Bridge resulted in the arrest of 700 individuals. The police used ten buses to carry the protesters off the bridge, the majority of whom were released the next day.
On October 5th, as the number of protesters swelled to about 15 000, two hundred of them had tried to storm the barricades blocking the protesters from entering Wall Street and the Stock Exchange. The increasing violence was a marked change from the earlier stages of the Occupy Wall Street movement, and this radical form of protest was deemed unnecessary by many observers. As the movement continues into November, violence has erupted in many cities. In a particularly spirited protest in Oakland, California an Iraq war veteran suffered serious head injuries after being hit by projectiles fired by police at demonstrators.
The spark leading to these major protests was the economic crisis of 2008. Because of the American government’s failure to regulate the financial sector, many were disappointed when the newly elected Obama did not impose stricter measures in response to the financial meltdown. One of the key themes of the movement is also to highlight the growing gap between the rich and the poor. The middle class is being decimated by unemployment and financial crises, while wealth becomes more and more concentrated in the hands of the economic elite.
Interestingly enough, the original impetus for Occupy Wall Street came from Canada. The Adbusters Media Foundation, which publishes Adbusters magazine, proposed a peaceful occupation of Wall Street, demanding an end to corporate influence on democratic systems. Adbusters suggested a peaceful protest to force government action regulating investment bankers and traders who had wrought havoc on the economy. From its modest Canadian beginning, the social movement has spread worldwide.
As Occupy Wall Street and other similar “occupations” continue in major cities around the world, critics are beginning to ask whether the movement is too lacking in leadership and focus to have a meaningful impact. Others argue that the movement lacks leadership precisely because it is a grass roots movement and an example of direct democracy. They say that it is the job of the elected representatives to recognize growing discontent and to pass laws to bring effective regulation to the financial and corporate sectors. Nevertheless, the Occupy Wall Street protests are having a considerable impact on the world stage. Protesters in 25 countries have orchestrated similar events using social networking sites such as Facebook and Meetup.
Underlying the protest movement is a very real concern that more and more people are falling behind in the capitalist economy. As young people are increasingly unable to find meaningful employment around the world, the resistance against capitalism will grow. Regardless of the power that the economic elite maintains, it seems as though the economic face of the developed world is certain to undergo change.
