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 … >>>