Karl Marx, Das Kapital, Buch II, p. 500
It is a great comfort to the Oracle of Ottawa that there are still in existence some organizations that have the greater good at the top of mind. One of those organizations is the great BBC of the United Kingdom, and another is the Open University. Recently they have collaborated to produce a series of documentaries of the worlds greatest economists. The first episode covered the legacy of John Maynard Keynes, The second episode was on Hayek, and the third and greatest episode was on the subject and modern rising influence and seeming rebirth of Karl Marx.
|Karl Marx - 1870|
Could it be? This documentary was very recent. Could it have played a role in present day events? Could this appearance and rather forthright honest opinions have cost Sir Mervyn his reappointment? Is this the real reason that Mark Carney, the Judas head of the Bank of Canada and the International Stability Board has been named the next Bank of England Governor? The Oracle of Ottawa is of the opinion that the only thing that Mark Carney knows about Karl Marx is that he never made partner at Goldman Sachs...
But be that as it may. The Oracle of Ottawa digresses. There were two small omissions that were missed that would have really rubbed salt into all the right wingers watching the aforesaid segment, that the Oracle of Ottawa must really point out. The first being the lack of mention of Karl Marx's neighbor in Highgate Cemetery. And that is the fact that Herbert Spencer , who coined the term "survival of the fittest" has a forever face fronting view to the great monument erected in the honour of the now great and again up and coming friend and contemporary Karl Marx! In one of the most ironic grave placements in the history of economics and science, they are forever "grave buddies"! And as you watch the whole episode you can readily see who has won the prize for fame for all time! The second slight omission was at the last of the episode when the question was bandied about what change could be possibly made or what could replace capitalism as it now exists.
Well the Oracle of Ottawa has the answer for this! It is the greatest economic concept that you have probably never heard of. And it was coined by the aforementioned John Kenneth Galbraith. And that concept was called "countervailing power". Perhaps you should look into it.