MMT has created a buzz on the left recently, with its supporters citing it as an answer to all our economic woes. Instead of trendy new ideas, however, we need the clear, scientific analysis of capitalism that Marxism provides – Adam Booth writes.

Ted Grant's perspective that the seemingly endless boom of the post 2nd World War period would actually end and 'be followed by a catastrophic downswing, which cannot but have a profound effect on the political thinking of the enormously strengthened ranks of the labour movement' must have seen like madness to some at the time. However, as we have seen, the Marxist analysis has been proven to be more than correct in predicting the continuing crisis of capitalism over the last few decades. The text of 'Will there be a slump?' remains even today an excellent riposte to all those who thought that capitalism could by magic avoid crisis and enter a period of non-stop plenty. Its explanation of the true nature of capitalist crisis could have been written yesterday.

Marx's Capital was a book that revolutionised political economy and for the first time opened our eyes to the real workings of capitalism. It was, however, met with a wall of silence from the mainstream economists and the establishment. Despite this, Capital became regarded in the workers' movement as the Bible of the working class...

Join us!

Help build the forces of Marxism worldwide!

Join the IMT!