Wednesday, August 17, 2011
Is Capitalism Doomed?
Nouriel Roubini, Project Syndicate: "So Karl Marx, it seems, was partly right in arguing that globalization, financial intermediation run amok, and redistribution of income and wealth from labor to capital could lead capitalism to self-destruct (though his view that socialism would be better has proven wrong). Firms are cutting jobs because there is not enough final demand. But cutting jobs reduces labor income, increases inequality and reduces final demand."
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Posted by Michele Kearney at 10:29 PM