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Nouriel Roubini: "Karl Marx was right"

posted by Geordie

August 16, 2011

Nouriel Roubini: "Karl Marx was right"

Nouriel Roubini, one of the world's most well-known economists, discusses his take on the current market climate in the Wall Street Journal.

Money quote:

"Karl Marx said it right, at some point capitalism can destroy itself because you cannot keep shifting income from labour to capital without not having an excess capacity and lack of aggregate demand and that's what's happening. We thought that markets work; they're not working...it's a self destructive process."

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