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Tapio Bergholm on the relevance of Marx

In an opinion piece for the daily Helsingin Sanomat, historian Tapio Bergholm reflects on the relevance of Karl Marx in the current financial crisis: "Karl Marx predicts the victory of socialism. ... Marx's prognosis seems improbable both for Western Europe and for North America. ... Communism went through hard times when the Soviet Union broke up at the start of the 1990s, although capitalism was caught up in a recession. Democracy and the market economy won out. The huge resiliency of capitalism is underscored by China's opening up to Western markets. ... Marx's views seem strange and antiquated today, even if investment banks and hedge funds are missing from his vision. ... Is global capitalism forcing the nuclear powers into an impasse? ... Time will tell whether this passing market turbulence or the phenomenon of Chinese capitalism will lead to a violent 'chain reaction' ... and ultimately a deep hole. According to Marx, capitalism in the developing countries ... is the weakest link in the chain. Are the global financial centres, Wall Street in New York and the City of London giants with feet of clay, out of which ... new power relations will emerge? ... How can it be possible that the Americans and British are now introducing socialist measures while China is a front runner of global capitalism?"

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