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For decades the economists never tired of repeating that Marx’s predictions of an economic downturn were totally outdated.They were supposed to be ideas of the 19th century, and those who defended them were dismissed as hopeless dogmatists.However, when we speak of the relevance of Karl Marx today we refer not to cemeteries but to ideas—ideas that have withstood the test of time and have now emerged triumphant, as even some of the enemies of Marxism have been reluctantly forced to accept.
There is a video of this extraordinary interview, which deserves to be studied carefully because it shows the thinking of the most far-sighted strategists of Capital.
Roubini argues that the chain of credit is broken, and that capitalism has entered into a vicious cycle where excess capacity (overproduction), falling consumer demand, high levels of debt all breed a lack of confidence in investors that in turn will be reflected in sharp falls on the stock exchange, falling asset prices and a collapse in the real economy.
In this article, Alan Woods deals with the main ideas of Karl Marx and their relevance to the crisis we're passing through today. But why should we commemorate a man who died in 1883?
In the early 1960s the then Labour Prime Minister Harold Wilson declared that we must not look for solutions in Highgate cemetery. In the aforementioned cemetery one can only find old bones and dust and a rather ugly stone monument.
This can easily be the catalyst for a new collapse on a world scale, which will be even deeper than the crisis of 2008.
Even some bourgeois economists are being forced to accept what is becoming increasingly evident: that capitalism contains within itself the seeds of its own destruction; that it is an anarchic and chaotic system characterised by periodic crises that throw people out of work and cause social and political instability.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”.The thing about the present crisis was that it was not supposed to happen.Until recently most of the bourgeois economists believed that the market, if left to itself, was capable of solving all the problems, magically balancing out supply and demand (the “efficient market hypothesis”) so that there could never be a repetition of the crash of 1929 and the Great Depression.Nouriel Roubini, known to his fellow economists as “Dr.Doom” because of his prediction of the 2008 financial crisis.But in the space of 20 years (not a long period in the annals of human society) the wheel of history has turned 180 degrees.Now the erstwhile critics of Marx and Marxism are singing a very different tune.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.