By Jérôme E. Roos On August 20, 2011
And as if that string of radical comments from some of the world’s least radical sources weren’t enough, Business Insider piled onto the scrimmage stating that “Karl Marx is hot” and TIME Magazine called on the West to “heed Marx’s warning” and realize that capitalism simply won’t survive without heavy-handed state intervention. Even on Wall Street a specter was haunting investors, with several leading analysts quoting Marx favorably in important research notes.
What’s going on here? Why this sudden mainstream interest in issues that the radical left has been crying out about at the fringes of the political debate for the past 20-30 years? Certainly these capitalists didn’t turn into revolutionary socialists overnight? Indeed, all of them make it very clear that they disagree with Marx on the crucial issue of socialism. They just believe he “might have been right” about capitalism’s tendency to self-destruct.
In other words, the sudden (superficial) interest in the work of Marx points at the growing sense of fear among the ruling classes. As Business Insider put it, “you know it’s a real panic when everyone’s trotting out the old guys, and even capitalists think Marx got the endgame right.” In an op-ed, Roubini pointed outthat “Karl Marx was right that globalization, financial intermediation, and income redistribution could lead capitalism to self-destruct.” Continue reading