GUEST: Michael Roberts, London economist, Marxist, and author, talks about the global financial system and his most recent book (written with Guiglelmo Carchedi), The World in Crisis, a compilation of international economists' views on profit and the recurrent crises in global capitalism. Michael Roberts will be a presenter at this year's Left Forum in New York.
Few economists step back and consider the human effects of the policy they study. Marxists do that, so they have become valuable especially in this time of crisis.
But isn't every age a time of crisis? We have certainly seen our share of crises since the Second World War. But only recently have we fully realized that a mistake in policy could be the end of our species. Nuclear war and global warming may not be the most interesting of crises, but both have the potential to be humankind's last.
Capitalism has become sort of a state religion over the years. Attacking capitalism is like attacking God. It gets you nowhere except investigated by the thought police. But what if capitalism is the problem? What if neoliberalism is the "spiritual death” that MLK warned us about? And what developed country in the world spends a greater amount on "military defense" and a smaller amount on "programs of social uplift"?
A continuation of our species relies now on those who are, in MLK's terms, "the creatively maladjusted." Not on the super rich. Not on the intellectuals who fashion their analysis for money or position (think Paul Krugman coming out for Hillary Clinton). We have to listen to divergent voices to still have a chance.
A continuation of our species relies now on those who are, in MLK's terms, "the creatively maladjusted." Not on the super rich. Not on the intellectuals who fashion their analysis for money or position (think Paul Krugman coming out for Hillary Clinton). We have to listen to divergent voices to still have a chance.
