Aug. 29 (Bloomberg) -- Policy makers struggling to
understand the barrage of financial panics, protests and other
ills afflicting the world would do well to study the works of a
long-dead economist: Karl Marx. The sooner they recognize we’re
facing a once-in-a-lifetime crisis of capitalism, the better
equipped they will be to manage a way out of it.
The spirit of Marx, who is buried in a cemetery close to
where I live in north London, has risen from the grave amid the
financial crisis and subsequent economic slump. The wily
philosopher’s analysis of capitalism had a lot of flaws, but
today’s global economy bears some uncanny resemblances to the
conditions he foresaw.