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Written by Paul Beckford
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Friday, 10 October 2008 |
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If one thinks about the last couple of weeks, it is difficult not to consider the fact the possibility that one of the principle claims that Karl Marx made about capitalism has again proved to contain more than an element of truth. Whilst a student, one had to be careful in citing Marx (and especially some of the his followers) for fear of being ridiculed as some sort of out-dated hippy with no idea about the real world of economics.
However, the recent upheaval in international finance and banking and the consequent bailouts by national banks (£100 billion form the Bank of England alone) begs the question whether capitalism will be able to turn the corner again as it did in both the early and latter parts of the twentieth century. Indeed there is a case to be made that without the assistance of a pliant state apparatus the free market may have collapsed long ago. Read more....
For years the financial institutions (especially their board members and chief executives) have made billions in profit, operating in a largely deregulated market. As long as they continued to generate economic prosperity they have been allowed to pretty much do what they wanted. The recent collapse and bail out of several household names may prove to be the turning point in capitalism that Marx predicted, although admittedly he died trying to explain its (capitalisms) ability to bounce back.
We as a global community are currently facing an unprecedented opportunity – one where the speculators and financiers can be reined in and held to account for their activities. Further this opportunity is all the more interesting when one considers the socialist solution to the current financial difficulties being proffered by the US Federal Reserve.
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Last Updated ( Saturday, 11 October 2008 )
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