17.8.25

Into the economic abyss


What was a "free market economy" when an economy increasingly dominated by huge corporations made nonsense of the term "perfect competition" and economists critical of Karl Marx could observe that he had been proved right, not least in his prediction of the growing concetration of capital. One did not have to be a Marxis, or show an interest in Marx, to observe how unlike the economy of nineteenth century free competition inter-war capitalism was.

Eric Hobsbawm
1917 - 2012