Socialist are used to journalists parodying the works of Karl Marx and extolling the virtues of capitalism so it comes as a pleasant surprise to read Simon Caulkin, the Management Editor in the Business and Media section of the Observer having something worthwhile to say on the subject.
"Along with creeping monopolies, growing inequalities and the all-absorbing momentum of the capitalist markets, Marx foresaw many of the effects of globalisation, which he called "the universal interdependence of nations", not least the effect of an international "reserve army of the unemployed" in disciplining and depressing the wages of workers in the developed economies. His description of the "cash nexus" foreshadowed the economic rationality at the centre of today's mainstream economic and management theories." (Observer, 11 May) RD
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