Guest post by Azizonomics.
It is true that as the financial and economic crises roll on, as more and more disasters accumulate, as more people are thrown into unemployment and suffering that more and more of us will question the fundamentals of our economic system. It is inevitable that many will be drawn to some of the criticisms of capitalism, including Marxism.
The Guardian today published a salutary overview of this revival:
Marxism is a strange thing; it provides a clean and straightforward narrative of history, one that irons out detail and complication. It provides a simplistic “us versus them” narrative of the present. And it provides a relatively utopian narrative of the future; that the working classes united will overthrow capitalism and establish a state run by and for the working classes.
Trouble is, history is vastly more complicated than the teleological narrative provided by dialectical materialism. The economic and social reality of the present is vastly more complicated than Marx’s linear and binary classifications. And the future that Marx predicted never came to fruit; his 19th Century ideas turned into a 20th Century reality of mass starvation, failed central planning experiments, and millions of deaths.
With the Spanish bank bail out “behind” us, some of the elite rulers are next. From NYT on the Spanish banking crisis moving to court. To be continued….
On Wednesday, a Spanish national court judge ordered Rodrigo Rato, a political ally of Spain’s prime minister and former head of the International Monetary Fund, to appear in court to face criminal fraud accusations over his recent stewardship of the giant mortgage lender Bankia.
Bankia, which the government seized in early May, is at the center of the financial storm that has led Spain to seek a European bailout of its banks. But several other Spanish banks are also embroiled in court cases, brought by politicians, shareholders and prosecutors, as well as the government’s own bank overhaul agency.