[Marxism] Give Karl Marx a Chance to Save the World Economy

Marv Gandall marvgand at gmail.com
Mon Aug 29 21:58:08 MDT 2011

On 2011-08-29, at 10:48 AM, Louis Proyect linked:
> http://www.bloomberg.com/news/2011-08-29/give-marx-a-chance-to-save-the-world-economy-commentary-by-george-magnus.html

Magnus was one of the first, if not the first, well-known analyst working for a major bank to anticipate the subprime collapse and its ramifications back in 2007. 

The Bloomberg article is based on a longer piece earlier this month which Magnus wrote for UBS which begins with Marx's famous quote from Preface to a Critique of Political Economy. See: http://www.scribd.com/fullscreen/62762934

First Roubini, now Magnus.

When I read stuff like this, I'm reminded of Richard Hofstader's brilliant description of John Calhoun, the Southern politician and proponent of slavery, as the "Marx of the Master Class" for his sophisticated class analysis of the institution and of the social forces arrayed against each other which would later result to civil war.

Plenty of class consciousness and understanding of the system at the top in a crisis, not enough at the bottom. This is not, to date, what the materialist conception of history conceptualized.

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