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Nobel Prize winner, Paul Krugman made an astonishing admission.
Marx’s prediction of a crisis of overproduction had been consigned to the dustbin of history.
Those who still adhered to Marx’s view that the capitalist system was riven with insoluble contradictions and contained within itself the seeds of its own destruction were looked upon as mere cranks.
In July 2009, after the start of the recession The Economist held a seminar in London to discuss the question: What is wrong with Economics?
This revealed that for a growing number of economists mainstream theory has no relevance.
Now that events have knocked just a little sense into the heads of at least some bourgeois thinkers, we are seeing all kinds of articles that grudgingly recognise that Marx was right after all. George Magnus, a senior economic analyst at UBS bank, wrote an article with the intriguing title: “Give Karl Marx a Chance to Save the World Economy”.
Even the Vatican’s official newspaper, L’Osservatore Romano, published an article in 2009 praising Marx’s diagnosis of income inequality, which is quite an endorsement for the man who declared religion to be the opium of the people. Switzerland-based UBS is a pillar of the financial establishment, with offices in more than 50 countries and over trillion in assets.
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.
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.