First a look at some headlines past few days:
Twenty million jobs will disappear by the end of next year as a result of the impact of the financial crisis on the global economy, a United Nations agency said on Monday. (source)
With capitalism in crisis, Karl Marx has become fashionable again in the West. Das Kapital, his seminal work, is set to become a best-seller in Europe.
An even more curious bit of evidence: a recent poll of East Germans by a major magazine found that 52 percent had lost all confidence in the free market economy while 43 percent would support a return to a socialist economy. (source)
Capitalism as we used to know it is on its deathbed. And those who predicted that the old brand, the unfettered, American-promoted system, was a danger to the world, are being vindicated.They include Karl Marx, whose thinking on banks seems oddly contemporary these days. (source)
It was in the aftermath of the fall of ‘existing socialism’ symbolized by the fall of the Berlin wall, that the French philosopher Derrida wrote his book Specters of Marx. This was his manner of acknowledging the great power of the German who was written off as his statues and pictures were dismantled all over Eastern Europe and former Soviet Union.
Such positions were rare, however, and there has been a great diminishing of those who have continued to acknowledge the influence of Karl Marx and his theories. One of the early forebodings was the dramatic lack of interest in the thoughts of Marx and in Left politics in general among students. In some countries like China and India, a new generation that had witnessed only the fall of socialism and were enamored of the immense possibilities that a new wave of capitalism had opened up for them, swerved to the right. Those left out of the limited progress turned towards identity politics, which, carried to its logical extreme, is self- defeating.