Economic theory

The Reverend Thomas Malthus gained notoriety in the 19th century as an ardent defender of poverty and inequality. He asserted that the poor were not poor because of capitalist exploitation or injustice, but because there were simply too many of them, competing over limited resources. Today, Malthus’ ideas still circulate in various different forms, and have even gained some influence on the left. In this article, Adam Booth draws on Marx and Engels’ critique of Malthus to expose the false and reactionary implications of these ideas today.

After decades of low inflation and rock-bottom interest rates, economies throughout the world are now facing a spectre unseen since the 1970s: rising inflation levels combined with the beginnings of another recession.

The 2008 crash and coronavirus crisis have revived interest in the theories of J.M. Keynes, the liberal English economist. But a look at Keynes’ life and ideas show that he was no friend of the working class. We need socialism, not Keynesianism.

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