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Marx's Revenge: The Resurgence of Capitalism and the Death of Statist Socialism
Synopses & Reviews
The failure of economists to anticipate the global financial crisis and mitigate the impact of the ensuing recession has spurred a public outcry. Economists are under fire, but questions concerning exactly how to redeem the discipline remain unanswered. In this provocative book, renowned economist Meghnad Desai investigates the evolution of economics and maps its trajectory against the occurrence of major political events to provide a definitive answer.
Desai underscores the contribution of hubris to economistsandrsquo; calamitous lack of foresight, and he makes a persuasive case for the profession to re-engage with the history of economic thought. He dismisses the notion that one over-arching paradigm can resolve all economic eventualities while urging that an array of already-available theories and approaches be considered anew for the insights they may provide toward preventing future economic catastrophes. With an accessible style and keen common sense, Desai offers a fresh perspective on some of the most important economic issues of our time.
Meghnad Desai argues that capitalism's recent efflorescence is something Karl Marx anticipated and indeed, in a certain sense, would have welcomed.
In "Marx's Revenge", the economist Meghnad Desai argues that capitalism's recent efflorescence is something Karl Marx anticipated and indeed would have welcomed. Desai argues that globalization has proved that capitalism is still capable of moving forward.
"This book is meant to annoy and provoke. . .." A distinguished economist and seasoned heretic, Meghnad Desai has spent most of his life as an advocate on the Left. This book is the culmination of a period of reassessment initiated by the challenge of Thatcherism, the collapse of the Soviet system, and the British Labour Party's embrace of market-driven politics, which has led Desai to his recognition of "the end of the road for democratic socialism."
A frank assessment of economistsandrsquo; blindness before the financial crash in 2007andndash;2008 and what must be done to avert a sequel
In this provocative and enthusiastically revisionist book, the distinguished economist Meghnad Desai argues that capitalism’s recent efflorescence is something Karl Marx anticipated and indeed would, in a certain sense, have welcomed. Capitalism, as Marx understood it, would only reach its limits when it was no longer capable of progress. Desai argues that globalization, in bringing the possibility of open competition on world markets to producers in the Third World, has proved that capitalism is still capable of moving forwards. Marx’s Revenge opens with a consideration of the ideas of Adam Smith and Hegel. It proceeds to look at the nuances in the work of Marx himself, and concludes with a survey of more recent economists who studied capitalism and attempted to unravel its secrets, including Joseph Schumpeter, John Maynard Keynes and Friedrich Hayek.
"Marx's Revenge" opens with a consideration of the ideas of Adam Smith and Hegel, and proceeds to look at the nuances in Marx's work, concluding with a survey of more recent economists who studied capitalism including Joseph Schumpeter, John Maynard Keynes and Friedrich Hayek
About the Author
Meghnad Desai was Director at the Centre for Global Governance at the London School of Economics. His previous books include Marxian Economics, Applied Econometrics, and India’s Triple Bypass.
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