Apologists for capitalism argue that it is the best, most-efficient system that could ever possibly exist. But the current period of crisis and chaos prove otherwise. Today, the COVID-19 pandemic has triggered an economic collapse that threatens to throw society back to the 1930s, sending the world into a full-blown depression. Clearly, something is rotten at the heart of the system. The advocates of Keynesian ideas – or modern varieties like Modern Monetary Theory – cannot provide a real solution to this crisis. Only the Marxist method can explain why capitalism has failed, and what the way forward is for humanity. Our speaker, Adam Booth, is a leading activist of Socialist Appeal, the British section of the IMT.
The year 2020 will enter the annals of history as a decisive turning point. The coronavirus pandemic, the economic collapse and the corresponding wave of popular anger and revolts have brought all the contradictions in capitalist society to the surface. Millions of people are questioning the status quo as never before, and the inspiring popular uprising in the USA is the harbinger of battles to come. The system has revealed its total bankruptcy, and despite the fervent desire of the ruling class for a return to normality, nothing will ever be the same again. We are witnessing the first stages of world revolution. Only the ideas of Marxism can offer a way out for humanity and prepare the way for the final victory of socialist revolution. Our speaker, Alan Woods, is the editor of the In Defence of Marxism website and author of a long list of books on Marxist theory.