Commentary on Political Economy

Tuesday 30 August 2011

Comment on Martin Wolf Review

A fair, lucid and comprehensive "re-capitulation" (the pun is intended, and intended as a warning to those who chase "risk assets") of the situation since Wolf took leave.

 And pretty much what we have been arguing assiduously at eforum21. - Except that we are also outlining a fresh analytical framework for the "comprehension" of the events unfolding.
One of the puzzling aspects of this rapid "un-winding" of the global capitalist economy is the inability of orthodox bourgeois "economics" to concede and understand that a "crisis" is not occurring merely in the econometric "measurement" of the standard "economic categories" and the tools conventionally used to measure them.
What needs to be realised is that this "crisis" invests especially those "economic categories"! Which is why leaders of all shades (political and economic) fail to see the ground falling beneath their feet! We would invite Martin Wolf to start "criticising" (another pun, on "crisis" and "critique" this time) the "theory" that is currently used more to mystify than to enlighten.

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