Noriel Roubini: Karl Marx Had it Right

Posted on Saturday, 20th August 2011 @ 04:11 AM by Text Size A | A | A

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Nouriel Roubini: If You Redistribute
All of the Wealth Upwards, the Free Market Capitalist System
Self-Destructs

 

One of America’s leading economists, Nouriel Roubini, told
the Wall Street Journal:

 

 

 

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.  We thought that
markets worked.  They’re not working.   The individual can be rational.
The firm, to survive and thrive, can  push labor costs more and more
down, but labor costs are someone else’s  income and consumption.
That’s why it’s a self-destructive process.

 

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