Free Markets: “Never Again!”

The BBC has an interview with Eric Hobsbawm, who is best described as the pitamah of Marxist historians. He draws parallels from the 1930s and concludes that the biggest collapse of the financial system may lead to a revival of the Right as it did in the aftermath of the great depression.

He does have a point- even though at that time there was a choice- socialism, the political climate lurched towards fascism In Rosa Luxemburg’s apt warning cry: it’s  a question of ‘Socialism or Barbarism’. In the absence of socialism, barbarism is a very real possibility (of course, it is also very much possible that we will see some kind of a revival of neo- Keynes- ism rather than barbarism or socialism).

Hobsbawm attributes the revival of Marx to businessmen in context of globalization and underlines that the level of collective consciousness  is not ripe to replace capitalism in the near future.

A few years ago Hobsbawm had observed that globalization was already reaching its limits.

This is what he had written in his ‘On the Edge of the New Century‘:

“When historians in fifty years time look back on our era, they will probably say that the last part of the short twentieth century ended with two things: the collapse of the Soviet Union and also the bankruptcy of free market fundamentalism that dominated government policies from the end of the Golden Age ”

Listen to the full interview.

(link via Histomatist)

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bhupinder singh

reader, mainly and an occasional blogger

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