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Friday, August 19, 2011

Roubini : KARL Marx was right

Nouriel Roubini : "Karl Marx had it right. At some point capitalism can self-destroy itself because you cannot keep on shifting income from labour to capital without not having excess capacity and a lack of aggregate demand, and that's what's happening." - in an interview with The Wall Street Journal this week

9 comments:

Drew said...

If by "self-destroy itself", you mean self-destruct, then I would like to know who created capitalism, and when they created it.

Sy2pie said...

Well if you think what we have right now is capitalism then your obviously not very well educated. Not to mention your solution being anything by that old deluded fool then your even worse.

Sy2pie said...

If you think what we have now is capitalism then your very uneducated on the subject and shouldnt have a blog. If you think that following that old deluded fool Karl Marx as a solution then your even worse.

Harold Laski said...

Karl Marx was right? If the rich keep robbing the poor it will all fall apart? No shit, Sherlock!

Roc Rizzo said...

Capitalism is also flawed in that it implies that there are infinite resources, when we all know that many of our natural resources are quite finite, thus making them too expensive to use, or unavailable for use.

sammy said...

To Harold Laski, Europe went through the entire Middle Ages with the feudal system in place where as you say,"the rich [kept] robbing the poor." But no one during those times was saying the system would fall apart. It's very difficult to forecast based on what's happening now in terms of the major shifts in history. Remember that Roubini was one of the few smart people in the world who predicted the financial disaster that began in 2008, so for him to say that Marx was right is no trivial remark.

And For Sy2pie, call me when you're the one with a Ph.D in International Economics and getting paid millions to travel around the world and make speeches. If you're talking credibility, Roubini has you beat by about a million times to one. And this is not Roubini's blog by the way, it's owned by a follower of his.

And Drew,
you're assuming just because something can self-destruct that something must have created it in the first place. Our own sun will burn out in 5 billion years. In essence, it will "self-destruct," but does anyone infer from that that the sun must have been created by someone, be it God, or something else?

Barnaby said...

When the establishment in the West celebrated the end of communism and the victory of the capitalist system in the 90's I also warned in my thesis that this was not the end of development.
Clearly, this just set it free to destroy itself with ever more fury = ever increasing greed without limitations. Further polarization of society as Marx predicted was sure to follow and it did even worse than anticipated. We're in the middle of the death throes of capitalism.

Pietro said...

Marx wrote that economic power was in the ownership of the means of production, now I can only suppose that our wealth has gone to China...

Pietro said...

I'm not a communist, but I think that some of Karl Marx economic theory can be considered still valid today.
I believe that out crisis originates because our production (that is our richness) has gone to China (that has a growing economy, while our economy is collapsing), this is the result of the interest of few, not of a whole country.