01 Oct 2008

Bailout: Karl Marx’s Comeback?

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So argues Martin Masse in the Financial Post:

In his Communist Manifesto, published in 1848, Karl Marx proposed 10 measures to be implemented after the proletariat takes power, with the aim of centralizing all instruments of production in the hands of the state. Proposal Number Five was to bring about the “centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.”
If he were to rise from the dead today, Marx might be delighted to discover that most economists and financial commentators, including many who claim to favour the free market, agree with him.

Later in the article Masse explains the position of the Austrian economists, a third way besides the Keynesians and Friedmanites.

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