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The thing about the present crisis was that it was not supposed to happen.
Had the fall of the Soviet Union not finally demonstrated the failure of communism?
Had history not finally ended with the triumph of capitalism as the only possible socio-economic system?
But it now turns out that it is the ideas of the defenders of capitalism that must be consigned to the rubbish bin of history, while Marx has been completely vindicated.
Not so long ago, Gordon Brown confidently proclaimed “the end of boom and bust”.
After the crash of 2008 he was forced to eat his words.
The crisis of the euro shows that the bourgeoisie has no idea how to solve the problems of Greece, Spain and Italy which in turn threaten the future of the European common currency and even the EU itself.
Yet in an essay for Bloomberg View, Magnus wrote that “today’s global economy bears some uncanny resemblances to what Marx foresaw.”In his article he starts by describing policy makers “struggling to understand the barrage of financial panics, protests and other ills afflicting the world” and suggests that they would do well to study the works of “a long-dead economist, Karl Marx.”“Consider, for example, Marx’s prediction of how the inherent conflict between capital and labor would manifest itself.
As he wrote in Das Kapital, companies’ pursuit of profits and productivity would naturally lead them to need fewer and fewer workers, creating an ‘industrial reserve army’ of the poor and unemployed: ‘Accumulation of wealth at one pole is, therefore, at the same time accumulation of misery’.”“The process he [Marx] describes is visible throughout the developed world, particularly in the U. Companies’ efforts to cut costs and avoid hiring have boosted U. corporate profits as a share of total economic output to the highest level in more than six decades, while the unemployment rate stands at 9.1 percent and real wages are stagnant.“U. income inequality, meanwhile, is by some measures close to its highest level since the 1920s.
The ideas of Marx have never been more relevant than they are today.
This is reflected in the thirst for Marxist theory at the present time.