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Economics

There is a tendency amongst the leaders of the labour movement to draw a distinction between the ‘parasitic’, ‘irresponsible’ financial sector of the economy and ‘productive’, ‘responsible’ manufacturing. But is it useful to draw this distinction between financial and industrial capitalism? In this history of finance capital, Luke Wilson discusses how such a distinction is artificial: the growth of industrial capitalism was intimately bound up with the growth of finance capital.

In this third part of the article on Keynes, Hayek and Marx, the author deals with the shortcomings of Hayek's economic analysis and shows the utopian character of modern Keynesianism. Only socialism can provide a positive way out of the present crisis.

A recent BBC documentary series entitled “Masters of Money” examined the ideas of three historical giants in economics: Keynes, Hayek, and Marx. In this article, we compare and contrast their ideas in the context of the current crisis of capitalism, to see if any of these figures and their writings really do have the answers to solve the problems facing society today.

We will deal with the tendency of the rate of profit to fall in a future article, but for now it is sufficient to observe that the views expressed in Anti-Dühring represent the standpoint of both Marx and Engels, which, despite all the efforts of the revisionists to misrepresent them, was identical.

More Articles ...

  1. “Under-consumption” and the Marxist Theory of Crisis – Part One
  2. Marx was right!
  3. Marx vs Keynes: Where does economic growth come from?
  4. Inflation: Hitting The Poorest Hardest
  5. Monopoly capitalism and the case for socialism
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Socialist Appeal are proud to publish this education guide to help focus your studies of Marxist theory and practice. Visit the various tabs below to find links to introductory articles, classic texts, videos and audio talks for different topics. Read More
Check out this selection of writings for an excellent introduction to many of the fundamentals of Marxist theory, providing a strong basis for those wishing to equip themselves with the ideas necessary in order to fight for socialism. Read More
Dialectical materialism is the philosophy or methodology of Marxism. We must seek to understand the laws of society and nature in order to change them. Read More
Historical materialism is the general theory of how and why society develops in the way it does. Each social system has its inherent laws of motion. If we want to overthrow capitalist society, we must understand how capitalism works. Read More
Marxist economics is the study of the laws of motion of capitalist society, allowing us to understand why capitalism perpetually goes into crisis, where inequality comes from, and what the alternative is. Read More
The Russian Revolution is the greatest event in world history for Marxists. Studying the events of 1917, and understanding why the Revolution degenerated into Stalinism, provides vital lessons for revolutionaries today. Read More
For Marxists, the state is not at all neutral. We must understand the state’s real basis and strip away its mysticism by treating it historically - taking in its origins, rise, and eventual fall. Read More
Anarchism is naturally attractive for those wanting to abolish capitalism. But only Marxist ideas can explain why bureaucracy and oppression exist - and how to overthrow the exploitative capitalist system. Read More
Marxists are irreconcilably opposed to the oppression of women and fight determinedly for liberation and against discrimination. We believe this will be achieved through the class struggle - to abolish the oppressive capitalist system. Read More
The madness of fascism expresses the historic crisis and dead-end of capitalism. But it could have been avoided if the working class had a united revolutionary leadership, prepared to take power. Read More
Nations have not always existed, nor will they always exist in the future. Marxists are internationalists, fighting for world socialist revolution as the only way forward for humanity and our planet. Read More
Wars represent the sharp extreme of capitalism’s impasse. Imperialism, Lenin said, was the "highest stage of capitalism". As long as the profit system exists, there will be wars over markets and spheres of influence. Read More
All written history, Marx stated, is the history of class struggle. Our task is to learn the lessons from history in order to prepare for the revolutionary events taking place today and in the future. Read More
Our aim is to spread the ideas of Marxism, in an organised fashion, amongst workers and youth. In order to do this, we must study the history and traditions of the working class. Read More
  • Educate Yourself
  • The Fundamentals of Marxism: suggested reading
  • Dialectical Materialism and Science
  • Historical Materialism
  • Marxist Economics
  • Russia, Lenin, Trotsky and Stalinism
  • The State
  • Anarchism
  • Women's liberation
  • Fascism
  • The National Question
  • Imperialism and War
  • Revolutionary History
  • Revolutionary Strategy