David McNally
Nouriel Roubini: “Karl Marx had it right.”
by Andrew Loewen on August 14, 2011
Karl Marx had it right. At some point capitalism can self-destroy itself. That’s because you can not keep on shifting income from labor to capital without having an excess capacity and a lack of aggregate demand. We thought that markets work. They are not working. What’s individually rational…is a self-destructive process.
Roubini is referring here to what Marxist political-economists call a “crisis of over-accumulation” (or “over-production”). According to UCLA …
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