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125 years ago, on March 14th 1883, Karl Marx died. Marx was a
revolutionary above all else. His most celebrated scientific discovery
explains how the working class is exploited under capitalism. Where does profit come from? This is the
central mystery of economics, a mystery that was solved by Marx in his
most famous work, Capital.
The nineteenth century was an era of price
stability. It was also the age of the gold standard. Inflation can have many
triggers, but it always involves an increase in money emissions at some point
in order to give expression to higher prices. It is difficult to increase the
money supply quickly if you have to mine precious metals, so runaway inflation
just didn’t happen back then. The government can’t really control inflation.
Now it’s back!
Socialist Appeal 161 is out now!
In a bizarre but brilliant turn of editorial line, BBC’s
Newsnight has launched an apparently socialist documentary series on China. At
least, that was how it appeared on the basis of Paul Mason’s excellent report
on Wednesday 26th March, to be followed up the following week.
