Nouriel ‘Dr. Doom’ Roubini on Why ‘Karl Marx Was Right’
International Business Times / International Business Times
02-Oct-2011 (3 comments)

Is it possible that a theoretician and economist who lived more than 100 years ago could accurately predict economic conditions and problems in the 21st century?

The advances in science, technology, and productive capacity in the United States, Europe, and emerging markets would argue against it. However, one scholar contends technology may have changed, but the forces at work in capitalism, industrialism, and commerce have not.

Economist Nouriel "Dr. Doom" Roubini, the New YorkUniversity professor who four years ago accurately predicted the global financial crisis, said one of economist Karl Marx's critiques of capitalism is playing itself out in the current global financial crisis -- a crisis Roubini said will worsen if the European Union/Eurozone leaders can't  "get their act together" on a solution for debt-plagued nations in Europe.

 

Among other arguments, Marx claimed capitalism embodied an internal contradiction that would cyclically lead to crises, and that, at minimum, would place pressure ... >>>

Simorgh5555

Marx correct about Capitalist self-destruction?

by Simorgh5555 on Sun Oct 02, 2011 02:54 PM PDT

But then again the US stock market crash of 1929 and Great Depression did not destroy capitalism. Countless world crises from natural disasters to man-made conflicts through out the centuries have not cast down capitalism. If anything its resilient. Criticis of capitalism may be right that that it can create inequity and a class system but what they fail to understand is that no economic system is perfect. This is where my friend Roozbeh and Houshanfgwill scald me for but Marxism, despite its egalitarian principle will only work when there is a de-centralised system and removal of state systems as we know it.

 //www.marxist.com/marxism-state-apparatus-army-police1994.htm

Socialism has worked on a microscopic level such as  in Rochdale, England //www.bbc.co.uk/dna/h2g2/brunel/A2764424 even before Marx had written Das Kaptial in 1967 but every time it has attempted to be implemented on a large scale such as in Russi and China it has failed catastrophically because its propenents reevrt back to a draconian centralised system and class system of power which is the anti-thesis of Marxisim. the socialist ideal is self-organisation and propserity through communities rather than centralised government. Unfortunately, humams as individuals are self-serving to be able to achieve this. This is what frustrated the Marxists who took power in Russia and China. How were they able to enforce common ownership and socialist values without coercive methods? It was impossible and they ended up being corrupted by power just as the Tsars and despots they overthrew. During Lenin's Five Year plans some farmers deliberately burn their crops than be forced to give it to the state.

Its an interesting debate. Just no right answers.  



Balatarin
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Mash Ghasem

آب و باد و مه و خورشید و فلک در کارند

Mash Ghasem
Sun Oct 02, 2011 06:26 PM PDT

آب و باد و مه و خورشید و فلک در کارند
تا "موجهای طولانی توسعه سرمایه داری" ما را بنمایند!!
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Kondratiev wave

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Mash Ghasem

Participatory Economics - ParEcon

by Mash Ghasem on Sun Oct 02, 2011 06:16 PM PDT


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