Ismael Hossein-zadeh has an essay this week about how Marxism is better than Keynesianism at explaining the current terrible economic picture, and has better prescriptions for fixing it as well. To me the article is a great example of both the strengths and (greater) weaknesses of Marxist critique.
Marxist critique is strongest in describing the nature of capitalism and the environment it seeks to create. Capitalism seems to gravitate toward a permanent “reserve army of labor” – lots of out of work people who would love to have a job. Having a pool of idle but willing unemployed puts pressure on those who do have jobs. It puts downward pressure on wages, discourages organizing, and gives maximum leverage to the employer.
So far, so good.