the return of karl marx - a new yorker essay
DESCRIPTION
One hundred and fifty years after the publication of the Communist Manifesto, the New Yorker has discovered that "Marx's version of free enterprise also chimes with the views of many contemporary businessmen, who would rather be flogged than labelled Marxist".John Cassidy's 5,000-word essay "The Return of Karl Marx" in the October 27 issue of this magazine from the bastion of American capitalism does not include Marx's view of a future world based on common ownership. Nor does it support his labour theory of value. It is however amazingly laudatory when dealing with Marx's analysis of how capitalist accumulation operates. Cassidy quotes one Wall Street organiser of stock issues as saying: "The longer I spend on Wall Street, the more convinced I am that Marx was right . . . I am absolutely convinced that Marx's approach is the best way to look at capitalism."At first Cassidy was astonished at that claim and recalled that he had studied economics with his financial friend at Oxford in the early eighties when their teacher had taught them to agree with Keynes that Marx's economic theories were "complicated hocus pocus". He decided to re-examine Marx's writings and found himself agreeing with his Wall Street friend.After sneering at Marx's writing style he goes on to heap praise on his analysis of capitalism:"When he wasn't driving the reader to distraction, he wrote rivetting passages about globalizaion, inequality, political corruption, monopolization, technical progress, the decline of high culture, and the enervating nature of modern existence--issues that economists are now confronting anew, sometimes without realising that they are walking in Marx's footsteps."Cassidy is unstinting in his praise for Marx's materialist conception of history:"Indeed, as Sir John Hicks, a Nobel Prize-winning British economist, noted in 1969, when it comes to theories of history Karl Marx still has the field pretty much to himself. It is, Hicks wrote; 'extraordinary that one hundred years after Das Kapital . . . so little else should have emerged'."TRANSCRIPT
