Thursday, August 18, 2011
Roubini: Marx Was Right - Capitalism Can Destroy Itself
Mainstream Economist: Marx Was Right. Capitalism May Be Destroying Itself (AlterNet) Wall Street Journal interview with Nouriel Roubini is a mainstream economist who teaches at New York University and may be best known as one of the early predictors of the '08 crash. "Karl Marx had it right. At some point, Capitalism can destroy itself. You cannot keep on shifting income from labor to Capital without having an excess capacity and a lack of aggregate demand. That's what has happened."