Every modern Marxist needs to understand this Michael Hudson essay. For the dogmatists out there, it doesn’t mean that Marx was “wrong.” It just means that capitalism is evolving differently today than it was during his era, and that some of the trends he noted in the 1800s have actually reversed themselves & started... See more

This theoretical heart of Marxism is intellectually attractive because it offers a simple schema or template for producing a compact explanation for any interesting social phenomenon. “It’s the economy, stupid!” At the same time, the principle of economic determination gives Marxism very clear theoretical