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-I believe that open markets and free enterprise are the best

imaginable force for improving human wealth and happiness.

-(Protesters): Who protects the bankers?

Police protect the bankers!

-Did you ever have a moment of doubt about capitalism?

-Is there some society you know that doesn't run on greed?

-How would Smith see the economic world around us?

-I think Keynes would have said the problem is the hole

in the economy.

-Hayek really wrote "The Road to Serfdom"

as a warning. -You always have to be careful

with Marx about the one-liners.

-Polanyi, for me, was an intellectual earthquake.

-I mean, if I had to stereotype Ricardo, I would say he would

look like George Soros.

-(Narrator): We were told that capitalism is the product

of big thinkers and big ideas, but is it true? How did ideas

shape our lives? What is their relation to reality?

Can they help us understand today's economic crisis,

let alone the future of capitalism?

-Dawn in Nanjing, China's last surviving communist commune.

On the surface, a time warp complete with revolutionary

posters and radio-news piped into the main square.

But the community claims it rediscovered Marx's values

as a defence against China's roaring capitalism.

London's financial center; Marx is unexpectedly being

rediscovered here as well.

-And all Marx and Engels' warning of the dangers

of monopoly capitalism and concentrated finance have

come to pass.

-And we thought he was gone forever.

-With the collapse of the Soviet Union and the fall of communism,

that system of government was consigned to the dustbin

of history and Marx was thrown out along with it.

-So it is possible that we misread Marx?

Is it possible that his insight into 19th century capitalism

has more relevance now than in past decades.

-Carl Marx's house in Trier, Germany, besieged by Chinese

tourists.

-Karl Marx was born in 1818 in the Rhineland, which is

the westernmost province of Prussia.

It was an interesting part of the Greater Germany because

it had been occupied by Napoleon. And so, it'd been

initiated in the ideas of the French Enlightenment.

And that was a milieu in which he was raised.

-"I can feel no regret", wrote a young woman to her loved one.

"I shut my eyes very tightly. Once again, I lay close

to your heart, drunk with love and joy."

A romantic love letter like so many others. The innocence

of the early 19th century in a provincial German town.

The only difference is that the man the letter was addressed

to was Karl Marx.

-In Trier, he met Jenny von Westphalen.

She was quite a catch for Marx because he was the son

of a Jewish lawyer and was, by such, a social outcast.

She was the daughter of a Prussian baron.

-So he got educated in Trier and then he went to Berlin.

I guess the expectation was that he'd go to college and be

a good boy and learn law or something like that.

He was politically very much engaged because there were

all these kind of questions of after the French Revolution,

would there be a sort of liberal democracy? What was going

to happen to the autocratic regimes in Germany and so on?

He was kind of mixed up in all of that.

-More than a century later, the romantic student from Trier

had been transformed into the menace of western governments

and capitalist countries.

-Captain Capitalism! -Ah, making out the old

Christmas list, I see. Let's see here: world peace, an end

to world hunger, free healthcare. This isn't

a Christmas list, son. Who the hell taught you this, child?

-Santa did.

-Marx had become a bogeyman, the conspirator behind

every social demand.

-That red suit gives you away, Karl!

-Captain Capitalism! So, you discovered my plan.

Santa Claus is truly I, Karl Marx, the undead

founder of communism.

-The reason for this radical transformation from a promising

young student into a dangerous revolutionary, can be found

in the basement of the Trier Museum, kept in a safe.

-In that year, Europe erupted in popular revolts. It was

the moment Marx had been waiting for after years of agitating

for radical, political reforms.

-"A spectre is haunting Europe", opens The Communist Manifesto."

The spectre of communism, all the powers of Europe have

entered into holy alliance to exorcise this spectre."

-Unfortunately for Marx, he was always late in all

of his writing and he didn't publish "The Communist

Manifesto" until after the 1848 revolts had begun.

So he couldn't take credit for those, but and in fact,

'The Communist Manifesto" was sort of lost in the revolution,

it was only rediscovered later.

-The story behind "The Communist Manifesto" did not begin

in the 1848 revolution, but in Paris, 5 years earlier

when Marx met Friedrich Engels, the revolutionary son

of a wealthy industrialist.

-They met in a Paris café that was known worldwide as being

a place where chest masters matched wits. Marx and Engels

spent 10 days and 10 nights talking and at the end

of that time, they came out feeling that they were

completely in agreement in all things. And a beautiful

relationship was born.

-Marx meeting Engels was, I think, a crucial moment

He meant somebody who was actually engaged in working

in the factories of Manchester and therefore could talk

to Marx about the labour process.

-"They are worse slaves than the Negros in America".

wrote Engels. "For they are more sharply watched and yet it is

demanded of them that they shall live like human beings,

shall think and feel like men. This they can do only under

glowing hatred towards their oppressors, which degrades

them as machines."

-Marx went to Manchester with Engels for a little trip

in 1845. He saw the people who were living in the most

degrading conditions, who were building this industrial future

by working in the factories.

He saw the families that had been torn apart by the factory

work. The mothers who had to give their infants opium

in the morning so that they could go off to work

and assumed that the children are going to be drugged

all day and they wouldn't have to be cared for.

For a man like Marx, a social, political theorist and economic

theorist, to go there would be to walk right in the laboratory

of humanity, of industrial humanity.

-While in 1848, "The Communist Manifesto" was ignored, in 1917,

it was the blueprint for the Bolshevik Revolution

and its global ambition.

-Ever heard of Karl Marx? In his mind, communism was born

more than a hundred years ago.

-Marx has now been transformed into a global threat.

-This is the Kremlin, citadel of Russian communism.

Looking closer, we see a public display of giant portraits

of communist leaders.

Here was a new face, but in the background was an old one,

Karl Marx's.

-The Marx that people in the 20th century and

in the 21st century ran away from was the Marx of

"The Communist Manifesto".

That's the person that, I think, capitalist governments

and democracies and Western governments held up as

the person who was responsible for communism and its atrocities

in the 20th century.

-So maybe we got it all wrong. We focused so much on

the revolutionary message of "The Communist Manifesto"

and ignored the bulk of the document, which analyzed

the real revolution that Marx wrote about: capitalism.

-Ladies and gentlemen, Karl Marx and Friedrich Engels

were the first to chart the uncompromising,

unrelenting, compulsively iconoclastic nature

of capitalism. It has pitilessly torn asunder the motley

feudal ties that bound man to his natural superiors,

and has left remaining no other nexus between man and man

than naked self-interests, than callous cash payments.

And it was Marx who revealed how capitalism would crush

languages, cultures, traditions even nations in its wake.

In one word, it creates a world after its own image, he wrote.

I would like to suggest to you that Marx has rarely seemed more

relevant. Marx's stock resurgence on a 150 year tip

was how the New York Times, the New York Times! Marked

the 150th anniversary of the publication

of "The Communist Manifesto".

A text which more than any other, as they put it,

recognized the unstoppable wealth-creating power

of capitalism, predicted it would conquer the world

and warned that this inevitable globalization of national

economies and cultures would have divisive and painful

consequences.

-After the publication of "The Communist Manifesto",

Marx was expelled from Continental Europe. He was

once again a refugee, this time arriving in London in 1849.

-Imagine Dean Street in 1850, the year Karl Marx and

his family moved into this Soho neighbourhood.

The streets were teeming with refugees, people who had fled

failed revolts on the continent. They arrived in this country,

some with only their clothes on their backs, many not even

speaking the language.

Marx and his family were among the lucky, but all they had,

three adults and three children, were two rooms in an attic.

And in those cramped quarters, Marx tried to make sense

of what he had just experienced and what he saw on the streets

around him.

-And next door, a brand new exhibition opened,

right at the time Marx began writing "Das Kapital".

An exhibition celebrating the achievements

of the Industrial Revolution.

-It was a triumph of industry. Man's greatest achievements

were on display and so this was the dawn of a new era.

King Capitalism was on the throne, and yet Marx

up in his garret was busily scribbling why the system would

never work. Yes, it produced wonders, but it would also

produce great destruction.

-I teach Marx and the question I always ask is: what can

we learn from Marx and what do we have to do for ourselves?

And I think that's a very important question to ask

because very frequently in the past, people have read

their Marx and then sort of plugged reality into it

and then said: Ah here's the answer. I don't think

you can do that. I think there's only a limited set of things

we can learn from Marx. Paradoxically, we can't really

learn that much about socialism or communism or the future

from Marx. We can learn a great deal about how capital works.

-(Quote): The wealth of societies in which capital

modes of production prevail, presents itself as an immense

accumulation of commodities. Our investigation must therefore

begin with the analysis of a commodity.

Karl Marx, "Das Kapital", Volume 1.

-Tom? Tom, what do you want for breakfast?

-What did you say? -What do you want for breakfast?

-I don't care.

-(Quote): A commodity is in the first place, an object

outside of us. A thing that by its properties satisfies

human wants.

"Das Kapital"

-While she gets Tom's breakfast, let's take a closer look

at that pan. The iron ore for that pan came from the Mesabi

Range. So let's start there and see what happens.

Maybe it'll give us an idea of just what it is we have.

-Now what Marx does in Volume 1 of Kapital is have a little

section called the "Fetishism of Commodities" and what it

basically means is that our daily experience doesn't

actually tell us or give us all the information we need

to understand how a system is working.

Our daily experience is we take some money and we buy

a commodity and we take it home, that's our daily experience.

But that doesn't tell you anything about the labour

that went into the commodity. It doesn't tell you anything about

why it is that this commodity costs twice as much as that

commodity.

And Marx is kind of saying that the market system

disguises all of those social relations.

-(Quote):There are many different commodities

with different use values but they have only one common

property left, that of labour itself.

"Das Kapital"

-The Industrial Revolution, which we conventionally date

from around 1780 was founded upon the creation of the factory

system with large-scale machinery and of course,

a labour process that was very different from that which

artisans making their cabinets and so on engaged in.

This conversion and its rise of industrial capitalism from 1780

onwards was, in Marx's view, a crucial transformation.

-(Quote): The worker is related to the product of labour

as to an alien objet. The more the worker spends himself,

the more powerful becomes the alien world of objects

which he creates, the poorer he himself, his inner world,

becomes. Karl Marx

-This iPad worker, who asked for his identity to be hidden,

has been given a camera to film his life outside the factory.

Once these workers were peasants with a connection to the land

and its products. Now, they're part of an assembly line.

Alienation, argued Marx, is built into the manufacturing

process of commodities.

-To Mark, it's the idea of living labour, which is so

crucial, which distinguishes him very much from the classical

political economists who saw labour as a fact of production.

They call it a factor of production. It's a thing,

which gets put into production and produces something.

To Marx it's not, it's a process.

I used to teach an introductory geography class and the first

lesson, I would say: Can you tell me where your breakfast

came from today?

-Come on, Bernie, time for breakfast!

-They would say, well, I went to the cafeteria.

I'd say okay, but where did it come from? Well, I went to

the supermarket. Where did it come from? Where did it come

from? Where did it come from?

After a little while, I'd get them to go back and start

to think about the person cutting sugarcane

in the Dominican Republic and that sugar gets on your

breakfast table and you have a relationship with that person

who's cutting the sugarcane. But the market doesn't tell you

anything about that, it disguises all of that.

-A lush countryside in India hides what Marx saw as another

characteristic of market expansion: the transformation

more and more of life into commodities.

This group of cotton growers banded together to fight

the invasion of their fields by genetically modified seeds.

-Seed in India has been recognized as the source

of life and the very word "Bija", "Ja" is life.

Every ritual is about keeping seed forever.

-Those seeds have now been genetically engineered and made

into a commodity which farmers are encouraged to buy annually

with the promise of higher yield.

-Biotechnology answering the world's call for a better

future today.

-For some of these women, the new promise of the commodity

of seeds turned into a nightmare. Genetically

engineered seeds, which needed to be purchased every year,

pushed their husbands into debt.

-So they always borrow to get the seed on credit.

Now the creditors take collateral in terms of the land

mortgage. So two years later, when the farmer cannot pay

back, the new moneylender, who is the agent of the seed

and chemical companies, comes and says: your land is today

mine.

They don't tell their wives the seed has got us into debt.

When they get into debt, they are ashamed. When they know

they're losing the land, they're shocked because the bond

with the land is still vital for the peasant culture.

That's the day the farmers will drink pesticide to end

their lives and the figure has now hit 260 000 suicides.

It is the greed of capital accumulation that has turned

seed into something that has to be bought every year.

That has been turned into a commodity, a consumer

product and the combination of new sources of profit

for corporations.

-I think that the idea of life as a commodity really, it's

interesting because is a cow a commodity? Or pig?

I would say they've been commodities for a very long

time and we don't really care about that. So, where do we draw

the line? And the line may be in human beings. I think

what we really worry about are human beings.

-And we as a society might have already crossed this line.

-Her announcement made headlines around the world.

Angelina Jolie underwent a double mastectomy after

a genetic test showed she had a mutated BRCA1 gene, giving her

an 87% chance of getting breast cancer. Her news put

this company Myriad Genetics, front and center. It has patents

on the BRCA1 and 2 genes.

-Once life is transformed into a commodity, it is subject

to market laws. Investments in genes like those in seeds,

need to be protected by patent keeping competition away.

-It's the system we have in this country, the investment system

we have, which many people do think are the reason why

we have been the leader for so long in so many areas,

that's just the way it works.

-So the production of commodities according to Marx,

not only transforms life, it changes our perceptions

of nature and of ourselves.

-Marx's theory of social change again is a process, a process

that says ideas have to change, but if the production process

doesn't change, then the ideas don't mean anything.

The production process can change but if the ideas don't

change, it doesn't mean anything. So, it's

the relationship between the production process

and the ideas and the social relations and the institution

arrangements and daily life has to change.

-The world congress on industrial biotechnology and

bioprocessing the world's largest industrial biotechnology

event.

-The fetish of commodities according to Marx masks

their role in impacting social change. Barely 60 years ago,

scientific innovations were rarely patented and never

industrialized in such a way.

-1955, a year of anxiety and triumphs. A major medical

hurdle was crossed with the discovery by Dr. Jonas Salk

of the anti-polio vaccine.

-60 years ago, no one talked about patenting the polio

vaccine or selling it for a fee.

-Who owns the patent on this vaccine?

-Well the people I would say. There is no patent. This is...

could you patent the sun?

-I mean, I can think back to a time when we had ideas,

crazy ideas now, about social solidarities. We're all

individuals now. That's what neoliberalism changed.

-The 60's caught capitalism completely off-guard. How a

company is to sell products to a generation that has

rejected consumerism?

The answer was to tune into the movement and to sell

to the individual in everyone.

The strategy worked, the marketing machine captured

the spirit of the 60's individualism and made

it its own.

-So Marx has what I call a co-evolutionary theory

of social change and to the degree that capital is

a permanently revolutionary configuration, so we would see

movements in ideas, movements in social relations.

-Leaving ideology behind, we now derive a sense

of personal identity and empowerment from the goods

we purchase and consume. -Go on, break the rules, define

who you are...

with our sneakers.

-By the time he gets towards the end of Kapital, Marx does

something interesting. He comes back to the idea of fetishism.

And the big fetish is of course the money form

and the credit system.

-You have money jitters? Ask the obliging Bank of America

for a jar of soothing instant money. M-o-n-e-y in the form

of a convenient personal loan. Available now

at Bank of America.

-In order to expand tomorrow's demand and increase profits,

today's production needs to be financed.

-That means the credit system has to come in here, and what we

can derive from this immediately is that the accumulation of

capital in history has always been paralleled by an

accumulation of debt. You can't have one without the other.

-(Quote): A large portion of this money, capital, is always

necessarily purely fictitious, that is title value,

just as paper.

Karl Marx, "Das Kapital"

-One of the things that Marx did, I think, very neatly,

was to demonstrate fundamental and foundational underlying

relations and that underlying relation between accumulation

of debt and the accumulation of capital can be looked at

in a number of very specific ways. I'll give you one example.

Tract housing is being built. Where did the builders get

the money to do it? They borrow the money from a financial

institution and say: give me the money and I will buy

the land and I'll build the housing. Okay and then,

they'll be a rate of return on that and I'll pay you back.

Now, in order for that to happen, they have to be able

to sell the housing to somebody. Buyers out there, they go

to the same financial institution and say: lend me

some money to buy the house that you have financed

the production of. This is fictitious capital

at work, because the financial institution that has surplus

money is actually funding both the production

and the consumption of the housing.

Right now, we are in a crisis where fictitious capital is

all over the place. But what Marx does is this brilliant

of saying: there's a surface appearance, which is the fetish,

I'm going to go behind it and actually be able to describe

to you the nature of this fetish which creates this thing called

fictitious capital.

-Adrian Subaru could be described as a victim

of fictitious capital. A victim of debt which was never his.

His story begins here in the Romanian Parliament

on December 23rd, 2011.

-Romania's Parliament cancelled the no confidence vote

on Thursday after a Romanian electrician staged

a one-man protest.

-On his t-shirt he wrote: you have gunned us down,

you have killed our children's future. You can take away

our money and our lives, but not our freedom.

-From this tiny apartment in Bucharest, Adrian Subaru

and his wife raised two kids on his small salary of a public

TV technician.

After 2011, his salary was cut by 25% and so was the financial

help for a special education for Calin, their autistic son.

-How and why did the debt of his country lead to Adrian Subaru's

desperate act?

-That was shocking to all Romanians, I presume,

but because this is my way of thinking, I frame

that episode, that tragic episode into a much wider frame.

For many years, I thought about the way the financial industry

has gone awry, the derailed high finance and what was not going

well.

We realized that a growth model based on free movement

of capital, total financial liberalization

and over-borrowing by the private sector creates

fragility and creates vulnerability for the economy

as a whole and may be very, very painful when something,

when a crisis occurs.

-In Romania, foreign capital in search of return flooded

Romanian banks which fuelled growth based on debt.

-The bankers stepped in and they helped the consumer

growth and money was flooding into the country.

Lots of foreign savings flooded to Romania via banking channels

and they reached the Romanian consumers and everybody could

afford buying new things like cars and houses.

And then the people thought: we have reached the market

economy and we can afford more. But actually, there were

too much expectations and maybe some false expectations.

-Romania is now the latest European country wrestling with

violent protests over budget cuts and financial issues.

-The bubble finally burst here as everywhere. Debt as

Marx foresaw, is a form of fictitious capital.

As a public employee, Adrian was never part of the boom.

But when the bubble burst, the State turned against

its weakest citizens.

-Capital is perpetually moving its crisis tendencies around.

If you look at the most recent crisis, it started

in the housing market.

-If deputies Allen Mathias and Derek Stevenson come

to your door, your house no longer belongs to you.

It belongs to the bank.

-It then went to financial institutions.

-There's blood in the streets and no one knows when

the bleeding will stop.

-It then became State debt. It's now being pushed onto

the people, but people are not in a position, very frequently,

to bear that. So it's now moving back to financial institutions

in some instances.

Marx is, I think, very good at giving us a sense of how

this moves around. And as it moves around, of course,

it engages in a process of destruction.

-On the far end of the global trail of the tsunami

of fictitious capital in search of return, is India,

one of the world's largest emerging markets.

-The term emerging markets emerges in the late 1980's,

early 1990's as well. And it's actually coined by people

at the World Bank and the IMF in order to describe those

economies which are going to be growing very rapidly.

Now, why are they so concerned about growth? Not just because

they believe that growth will address poverty. But they are

interested above all in the quantitative measure of growth.

What's the reason for that? If you examine deep enough,

you'll find that if the real economy, instead of 5% per

annum, let's say GDP in these areas is growing at 8% or 9%,

the returns to financial investors in financial markets

actually grow by orders of magnitude, greater.

So India in 2009 was the third most lucrative stock market.

The Bombay Stock Exchange was actually getting annual returns

of on average about 48%, which is remarkable. So what

you actually notice is that India has become an outpost

of global finance capital.

-Finance capital, which Marx called fictitious is said

to have lifted around 200 million people up to the middle

class, but left behind an estimated 800 million more,

surviving on one dollar a day.

-Stagnation so severe that in the United States for example,

a CEO was making 20 times more than his employees

in the 1950's. In 2000, his salary ballooned to 120 times

and in 2013, it almost doubled again to 204.

-This is CNN Breaking News.

It was a Monday morning like none other in the 158 year

history of financial giant Lehman Brothers.

The company went bankrupt.

-If capitalism is not on its deathbed as Marx predicted,

then what could be an alternative theory to explain

the 2008 financial crisis and its aftermath?

-We recognize that the very nature of globalization, which

creates ever higher standards of living, also is the process

which we call creative destruction. The problem with

creative destruction is that it is destruction.

-Creative destruction was a term coined by the early

20th century economist Joseph Schumpeter.

-Schumpeter's key idea of creative destruction was

the idea that capitalism is constantly revolutionizing

itself from within.

He called it the process of industrial mutation,

where there's incessant change destroying the old and bringing

in the new and the agent of this change, the person who carried

this change out is the entrepreneur.

-Every once in a while, a revolutionary product comes

along that changes everything.

-So the basic idea of creative destruction is that there's

a new product that's the creative side for a new

method of producing and that's all to the good, but there's

also the destruction side which is that it wipes out

some earlier method or product and there's a loss there.

There's a social loss, there's a human loss. Schumpeter didn't

pay quite as much attention to the loss side as

to the creative side.

-Today we celebrate the first glorious anniversary

of the information purification directives. We have created

for the first time in all history a garden of pure

ideology.

We are one people, with one will, one resolve, one cause.

We shall prevail!

On January 24th, Apple Computer will introduce Macintosh.

And you'll see why 1984 won't be like 1984.

-So are we in the midst of a crisis, which is part

of an endless cycle of creative destructions or in the midst

of a system which as Marx predicted is indeed in

a terminal downwards spiral?

-It was probably the weekend before Lehman's went bust.

And it's normally a little bit noisy, but at the time,

it was, you could hear a pin drop. It was that deathly

quiet. And I could almost feel that the global system was

frozen. And it was quite a scary thought.

It took me back to a lot of the things that I used to read

about and study when I was much younger. The days when

I actually read Marx for fun.

-All Marx and Engels' warning over the dangers of monopoly

capitalism and concentrated finance have come to pass.

So why then no total collapse of capitalism? Because right

around the world governments have been forced to bail out

the so-called free market.

We have bailed out the banks, we have subsidized industries,

we sorted out the insurance sector, we've underpinned

financial services. It is the forces of collectivism

which have saved capitalism.

-In 1991, socialism died, at least communism,

in the Eastern Block. In 2008, capitalism died.

When I was a young student of economics, the great

debate was between socialists who believed in central planning

and Hayekians or liberals who believed in the miracle

of the market in organizing economic activities.

The argument of the pro-market theorists was that capitalism is

a Darwinian struggle where the fittest prevail and the less

fit, the more inefficient, the least productive

and profitable perish.

-The New York State's attorney said that Citigroup, Merrill

and seven other banks which got a 175 billion dollars in tax

funded bail out money, paid out 33 billion in bonuses.

-What happened after 2008, with a particular way in which

the bankers were saved was Darwinism inverted.

The more unsuccessful you were as a banker, the greater

your bank's losses, the greater the support you got from

the tax payers and the more successful you became

at extracting from the rest of society the surplus that

the rest of society was producing. So we have a new

regime which I call "bankruptocracy". It's

the rule by bankrupted banks.

-The whole point about the contradictions in capitalism

is not specifically whether Marx's analysis is relevant,

which personally I think, in many ways it is,

but it's the outcome, it's the synthesis and our capacity

to basically nurture and establish coping mechanisms.

On Marx's tombstone, as you know if you have been there,

there's a inscription taken from the thesis on Feuerbach

which says: the philosophers have only interpreted the world

in various ways, but the point however is to change it.

Which is precisely what our antecedents have done

by developing coping mechanisms like institutions of the rule

of law, limited liability companies, trade unions,

mutual societies, insurance, welfare and technological

discoveries that drive productivity income and jobs.

Finding those coping mechanisms is an endless task and we need

to make more progress.

-Marx finally finished "Das Kapital". He had watched

his wife become ill, his daughter suffer ill-health

and poverty. He had buried now four children by the time

"Das Kapital" was published and the family waited for

the recognition that they all believed he deserved

for a book that they felt would not only change their lives,

but would change the world and nothing happened.

When "Das Kapital" was published, Engels and the family

frantically started writing reviews in order for it

not to be ignored, but their reviews were the only ones

really that were written.

-Marx never really recovered. He died on March 14th 1883,

2 years after Jenny. Only 11 people showed up

at his funeral. Friedrich Engels eulogized him. "On the afternoon

of the 14th of March 1883 at a quarter to 3", Engels said,

"the greatest living thinker ceased to think."

-The Marx family was originally buried in a very small and

modest plot, here in Highgate, just down the row from where

the monument is today.

In 1956, the communist party decided that Marx, such

a monumental figure, really deserved a larger

memorial.

And so they built this. And in a way, I think this really

is a very good indication of what happened to Marx's

legacy, Marx's ideas, how it was interpreted and misinterpreted

in the 20th century.

-In 1929, capitalism seemed to be on its knees and Marx's

prediction came closer to fulfilment than ever.

Two individuals had diametrically opposed ideas

of how to save capitalism from itself. The debate between them

has shaped the past century and is still raging today.