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

Marx believed that the capitalist market economy was incapable of delivering an acceptable distribution of income for anything but the briefest of historical intervals. ...But "incapable" is surely too strong...[S]ocial democracy, progressive income taxes, a very large and well-established safety net, public education to a high standard, channels... See more

The social reality of capitalism is “totalizing” in unprecedented ways and degrees. Its logic of commodification, accumulation, profit-maximization, and competition permeates the whole social order; and an understanding of this “totalizing” system requires just the kind of “totalizing knowledge” that Marxism offers and postmodernists reject.