In this second part of his article on Keynes, Hayek, and Marx Adam Booth deals with the limitations of Keynes' economic theory.

A recent BBC documentary series entitled “Masters of Money” examined the ideas of three historical giants in economics: Keynes, Hayek, and Marx. In this article, we compare and contrast their ideas in the context of the current crisis of capitalism, to see if any of these figures and their writings really do have the answers to solve the problems facing society today.

The Household Labour Force Survey, which is the official measurement of unemployment in New Zealand, reveals that the unemployment rate is 7.3% of the work force (or approximately 299,000 people).  Yet, the numbers of people on the unemployment benefit are around the 50,000 mark according to the Ministry of Social Development. 

As with the sites of production of other commodities, the sites of media production are simultaneously sites of struggle. Journalists and other media workers can and must struggle against the domination of capital over their professions and over humankind.

$6 billion and over a year of campaigning later, and it would appear that the status quo remains. Obama is still the president; the Democrats control the Senate; and the Republicans control the House of Representatives. On the surface, "nothing has changed." Taken at face value, this is correct. As we have explained many times before, both Obama and Romney are defenders and advocates of the capitalist system. Nothing fundamental was going to change no matter who won. However, looks can be deceiving.

Just a few years ago, the world watched in horror as Hurricane Katrina hit New Orleans. The richest and most powerful imperialist country in the world did nothing as people were drowning, starving, and literally dying of thirst. Now, we see the northeastern United States get hit by Hurricane Sandy. Millions are still without power. Mass transit is suspended. Whole neighbourhoods were burned out. Dozens have been killed, including 24 in New York City alone.

Perhaps nothing elicits more disagreement and debate among Marxists and other left activists than a discussion about the media. There is no doubt that the mass media is omnipresent, mediating every aspect of our lives. How one relates to and interprets the world is largely coloured by how the media informs us. The disconnect between what is happening on the ground, and how it is reported in the media becomes even more clear during periods in which workers and youth engage in mass struggle. Excluding those directly participating in the Occupy movement, the public at large was presented with a somewhat distorted picture of what was happening on the ground.

Amazing! There is no other word that can describe the situation on October 3. Workers all over Indonesia went on strike and took to the streets. This first national general strike in half a century truly raises expectations and hopes that it will be a turning point for the Indonesian labour movement.

Venezuelan president Hugo Chávez has won, yet again, the presidential elections on Sunday October 7, with a comfortable margin of 54.84% against the 44.55% of his opponent Henrique Capriles. This is another victory for the Bolivarian revolution which should be used in order to carry out the revolution to the end.

It is hard to believe that nearly four years have already passed since the election of Barack Obama. The streets were filled with honking cars, waving flags, and shouts of excitement. Tears of unbridled joy and relief streamed down the faces of many. After eight long years of Bush, change had come at last! Or had it? As the months—and the crisis—wore on, it became increasingly clear that in all essentials, Obama’s presidency was more like Bush 2.0 than a new dawn of peace and prosperity.