Socialist Appeal
The British section of the International Marxist Tendency
The 2008 crash and coronavirus crisis have revived interest in the theories of J.M. Keynes, the liberal English economist. But a look at Keynes’ life and ideas show that he was no friend of the working class. We need socialism, not Keynesianism.
In the midst of the pandemic, some parts of the economy are booming. Speculative investments are continuing in a frenzied fashion. The latest celebrity-driven fads, NFTs and SPACs, are among the insane expressions of this whirlpool of speculation.
Organised on Reddit, a movement of amateur stock traders has taken on the big hedge funds, exposing how rigged and rotten the whole system is. Capitalism is a casino. We need socialism, not speculation.
Modern Monetary Theory has become in vogue on the left, as a supposed answer to the austerity agenda pursued by big business politicians. But the limits of a new book by a leading MMT proponent show why we need the ideas of Marxism.
Governments everywhere are pumping money into the world economy to keep it on life support. Subscribers to Keynesian economic ideas - of government stimulus and demand-side management - feel vindicated. But only Marxism offers a solution.