Saturday, May 5, 2012

Karl Marx on Market Manias

From the Christian Science Monitor:

Karl Marx: 10 great quotes on his birthday
May 5 marks the birthday of Karl Marx. Best known as the author of "Capital" and, with Freidrich Engels, the "Communist Manifesto," Marx provided the intellectual foundation for an array of regimes that at one time governed nearly half of Earth's population.

These regimes were, for many, a long nightmare of state terror, genocides, deportations, extrajudicial executions, forced labor, and artificial scarcity, crimes that left tens of millions of people dead and deprived many more of basic dignity.

But while Marx's solutions are widely and rightfully condemned, his analysis still resonates among workers and intellectuals alike around the world. As much of the globe struggles to extricate itself from an economic slowdown that many believe was created by the excesses of what Marx called "the bourgeoisie," several Marxist concepts – the anarchic nature of capitalism, the parasitism of the financial class, and the reserve army of the unemployed, to name a few – appear to take on new relevance....
..."In every stockjobbing swindle every one knows that some time or other the crash must come, but every one hopes that it may fall on the head of his neighbor, after he himself has caught the shower of gold and placed it in safety." (From "Capital: Critique of Political Economy," 1867)...