Books April 2009

The Revenge of Karl Marx

What the author of Das Kapital reveals about the current economic crisis

The late Huw Wheldon of the BBC once described to me a series, made in the early days of radio, about celebrated exiles who had lived in London. At one stage, this had involved tracking down an ancient retiree who had toiled in the British Museum’s reading room during the Victorian epoch. Asked if he could remember a certain Karl Marx, the wheezing old pensioner at first came up empty. But when primed with different prompts about the once-diligent attendee (monopolizing the same seat number, always there between opening and closing time, heavily bearded, suffering from carbuncles, tending to lunch in the Museum Tavern, very much interested in works on political economy), he let the fount of memory be unsealed. “Oh Mr. Marx, yes, to be sure. Gave us a lot of work ’e did, with all ’is calls for books and papers …” His interviewers craned forward eagerly, to hear the man say: “And then one day ’e just stopped coming. And you know what’s a funny fing, sir?” A pregnant pause. “Nobody’s ever ’eard of ’im since!” This, clearly, was one of those stubborn proletarians for the alleviation of whose false consciousness Marx had labored in vain.

Until comparatively recently, with the slight exception perhaps of certain pockets within the academy, it was a general tendency among educated people as well, even those of radical temper, to put their old volumes of Marx up on the shelf reserved for the phlogiston theory. Would we again need to consult Critique of the Gotha Program, or the celebrated attacks on Dühring and Lassalle? A few of us kept a bit of powder dry, just in case the times should turn dialectical again. One or two writers predicted that Marx’s relevance would be rediscovered: John Cassidy was arguably the most surprising of these in that one hardly expected, in the fall of 1997, an essay from the economic specialist of The New Yorker announcing that the co-author of the 1848 Communist Manifesto could turn out to be “the next” significant intellectual for those whose job it was to study the markets. James Ledbetter, himself an accomplished business journalist, has since produced an admirable Penguin edition of Marx’s journalism (most of the best, which was very good indeed, having been produced for Horace Greeley’s New York Tribune). And Francis Wheen, who wrote a notable biography of Marx in 1999, has now published an anatomy of Capital (as I shall henceforth call it), which concludes with the opinion that Marx “could yet become the most influential thinker of the twenty-first century.”

As I write this, every newspaper informs me of frantic efforts by merchants to unload onto the consumer, at almost any price, the vast surplus of unsold commodities that have accumulated since the credit crisis began to take hold. The phrase crisis of over-production, which I learned so many long winters ago in “agitational” meetings, recurs to my mind. On other pages, I learn that the pride of American capitalism has seized up and begun to rust, and that automobiles may cease even to be made in Detroit as a consequence of insane speculation in worthless paper “derivatives.” Did I not once read somewhere about the bitter struggle between finance capital and industrial capital? The lines of jobless and hungry begin to lengthen, and what more potent image of those lines do we possess than that of the “reserve army” of the unemployed—capital’s finest weapon in beating down the minimum wage and increasing the hours of the working week? A disturbance in a remote corner of the world market leads to chaos and panic at the very center of the system (and these symptoms are given a multiplier effect when the pangs begin at the center itself), and John Micklethwait and Adrian Wooldridge, doughty champions of capitalism at The Economist, admit straightforwardly in their book on the advantages of globalization that Marx, “as a prophet of the ‘universal interdependence of nations,’ as he called globalization … can still seem startlingly relevant … His description of globalization remains as sharp today as it was 150 years ago.” The falling rate of profit, the tendency to monopoly … how wrong could that old reading-room attendant have been?

Not all of these ironies are at capitalism’s expense, or at least not in a way that can bring any smirk, however wintry, to the grizzled features of the old leftist. (After all, who was predicting even 30 years ago that Russia and China would today be turbocharged capitalist systems, however discrepant in type? And the present crisis was actually triggered by a “subprime” attempt to transform low-income people into property owners, albeit indebted ones …) Then there is the apparent truism about another of Marx’s legacies, this time taken from James Buchan, author of Frozen Desire: The Meaning of Money:

Marx is so embedded in our Western cast of thought that few people are even aware of their debt to him. Everybody I know now believes that their attitudes are to an extent a creation of their material circumstances … “that, on the contrary, their social being determines their consciousness”, as Marx wrote—and that changes in the way things are produced profoundly affect the affairs of humanity even outside the workshop or factory.

John Cassidy, in his essay, was so blunt as to reduce this one-dimensional interpretation to that once-famous vulgarism of James Carville’s: “It’s the economy, stupid.”

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Christopher Hitchens is an Atlantic contributing editor and a Vanity Fair columnist. More

Christopher HitchensFor nearly a dozen years, Christopher Hitchens contributed an essay on books each month to The Atlantic. He was the author of more than ten books, including A Long Short War: The Postponed Liberation of Iraq (2003), Why Orwell Matters (2002), God Is Not Great (2007), and Hitch-22 (2009). He was a contributing editor to Vanity Fair, and wrote prolifically for American and English periodicals, including The Nation, The London Review of Books, Granta, Harper's, The Los Angeles Times Book Review, New Left Review, Slate, The New York Review of Books, Newsweek International, The Times Literary Supplement, and The Washington Post. He was also a regular television and radio commentator.

Hitchens began his career in England, in the 1970s, as a writer for the New Statesman and the Evening Standard. From 1977 to 1979 he worked for London's Daily Express as a foreign correspondent and then returned to the New Statesman as foreign editor, where he worked from 1979 to 1981. Hitchens has also served as the Washington editor for Harper's and as the U.S. correspondent for The Spectator and The Times Literary Supplement. From 1986 to 1992 he was the book critic at New York Newsday. He also taught as a visiting professor at the University of California, Berkeley; the University of Pittsburgh; and the New School of Social Research.

Born in 1949 in Portsmouth, England, Hitchens received a degree in philosophy, politics, and economics from Balliol College, Oxford, in 1970.

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