Karl Marx is Hot
With things going the way they are, a lot of people are talking about big history in action, whether it’s the breakup of the Eurozone, or the simultaneous market/economic/political spasm happening in the US.
Today Paul Krugman reminds once again that this could be 1937 all over again.
Simon Johnson thinks it could be even worse: The long depression of the 1870s all over again.
Recently Nouriel Roubini got a lot of attention for saying that Marx basically got the battle between labor and capital correct, and that capitalism itself now stood on the brink of collapse.
And even on Wall Street…
UBS’ George Magnus has a big piece out on political economy favorably quoting Karl Marx:
“At a certain stage of development, the material productive forces of society come into conflict with the existing relations of production or – this merely expresses the same thing in legal terms – with the property relations within this framework of which they have operated hitherto”.
Preface to A Contribution to the Critique of Political Economy, Karl Marx (1859)
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