As austerity measures bite while the economy continues to flatline, arguments for a Keynesian response to the recession are gaining traction. Marxist economist Michael Roberts casts a critical eye over the Keynesian case, arguing that it misunderstands the causes of capitalist crisis
A new radical think-tank kicked off last year in the UK. It's got a great name: Class: the Centre for Labour and Social Studies. Sounds socialist, even Marxist, doesn't it? Unfortunately, at its first meeting the speakers, especially the economists, were all Keynesians. All the arguments against austerity were Keynesian. Apparently, a Marxist analysis has no contribution to make in explaining the Great Recession and the ensuing long depression - or what to do about it.