Product Description

'In the triumphant resurgence of capitalism and indeed its global reach, the one thinker who is vindicated is Karl Marx. The demise of the socialist experiment inaugurated by October 1917 would not distress but cheer Marx if, as an atheist, he occupies any part of Hell, Purgatory or Heaven. Indeed, if it came to a choice between whether the Market or the State should rule the economy, the modern libertarians would be shocked as much as the modern socialists to find Marx on the side of the Market.'

"This book is meant to annoy and provoke...". A distinguished economist and seasoned heretic, Meghnad Desai has spent most of his life as an advocate on the Left. This book is the culmination of a period of reassessment initiated by the challenge of Thatcherism, the collapse of the Soviet system, and the British Labour Party's embrace of market -driven politics, which has led Desai to his recognition of "the end of the road for democratic socialism."

In this provocative and enthusiastically revisionist book, Desai argues that capitalism's recent efflorescence is something Karl Marx anticipated and indeed would, in a certain sense, have welcomed. Capitalism, as Marx understood it, would only reach its limits when it was no longer capable of progress. Desai argues that globalization, in bringing the possibility of open competition on world markets to producers in the Third World, has proved that capitalism is still capable of moving forwards. Marx's Revenge opens with a consideration of the ideas of Adam Smith and Hegel. It proceeds to look at the nuances in the work of Marx himself, and concludes with a survey of more recent economists who studied capitalism and attempted to unravel its secrets, including Joseph Schumpeter, John Maynard Keynes and Friedrich Hayek.

Product Details

• Amazon Sales Rank: #679360 in Books
• Published on: 2004-04-29
• Original language: English
• Number of items: 1
• Binding: Paperback
• 320 pages

Review
A brilliant analysis of global capitalism....Desai is always clear and evocative; his book is not just for economists. A must-read! -- Richard Sennett

About the Author
Meghnad Desai is Director at the Centre for the Study of Global Governance at the London School of Economics. His previous books include Marxian Economics, Applied Econometrics, India's Triple By-Pass, two collections of essays, Macroeconomics and Monetary Theory and Poverty, Famine and Economic Development and, as editor, LSE on Equality, Global Governance, and China in a Changing World Economy.

Customer Reviews

An Admirable Effort--Yet Comes Up Short
Many Leftists, myself included, have spoken against the negative effects that globalization has had on the working classes in both the United States and the Third World. However, if Marx were alive today, what would his position be?

In "Marx's Revenge," Meghnad Desai proposes the startling thesis that Marx would support the current phenomenon of globalization. According to Desai, a truly socialist society can develop only when capitalism exhausts itself as a creative and progressive force. As recent events have shown, this has not yet happened. Capitalism is still a productive and vital force for better or worse.

Desai supports his thesis by discussing three variants of socialism that arose in the 20th Century: Socialism outside Capitalism (SoC), Socialism within Capitalism (SwC), and Socialism beyond Capitalism (SbC).

SoC represents the socialist society that was attempted within the Soviet Union. This version represents the Stalinist "socialism in one country" model which held that socialism and capitalism were destined to compete against each other. The system that was able to produce the most economic benefit to its citizens was to be declared the "winner." However, the corruption endemic in the Soviet system and its inability to produce the surplus capital necessary for economic growth and development led to the demise of this system with the fall of the Soviet Union in 1991.

SwC represents the attempt by the developed capitalist nations to develop a "humanized" capitalism with a generous welfare state. This system largely worked from 1945 through the end of the 1960s. However, SwC was made possible only through the widespread Keynesian consensus held by the West after World War II that allowed contries to manipulate domestic financial markets for the funding of domestic programs. With the advent of globalization and the resulting liquidity of international capital, this project was dealt a severe blow beginning in the late 1970s.

SbC represents the only true alternative to capitalism. According to Desai, SbC represents a "self-conscious society" that develops when capitalism reaches its limit and can no longer act as a progressive force for the economic betterment of society. What will SbC look like?

This leads me to the central criticism of Desai's book. Desai offers an excellent historical overview of the development of the various competing forms of socialism as well as an intricate discussion of Marx's theories of profit and growth as put forth in Das Kapital. However, he has little to say regarding the pragmatic considerations involving what a true socialist society will look like. In fact, the last sentence in "Marx's Revenge" states: "Will there ever be Socialism beyond Capitalism?" (p. 315). This question remains unanswered.

To get an idea of what such a society would look like, I recommend reading David Schweickart's book "After Capitalism." Both books are important in that they offer hope that the current late, decadent stage of capitalism will be the final one and that a more just and humane order can be built in its place.

Standing Marx on his head
A fun read that attempts to turn Marxian theory on its head to create a pro-capitalist Marx. The book is a good overview of the economic history of the last 200 some years and Marxian economic/poltical theory. My only criticism would be that, I believe he brushed aside Popper's criticisms of Hegel too nonchalantly.