Once again

Once again it is manifest that the economic system’s operations must be analysed both historically, as a phase and not the end of history, and realistically, i.e. not in terms of an ideal market equilibrium, but of a built-in mechanism that generates potentially system-changing periodic crises. The present one may be one of these. Once again it is evident that even between major crises, ‘the market’ has no answer to the major problem confronting the twenty-first century: that unlimited and increasingly high-tech economic growth in the pursuit of unsustainable profit produces global wealth, but at the cost of an increasingly dispensable factor of production, human labour, and, one might add, of the globe’s natural resources. Economic and political liberalism, singly or in combination, cannot provide the solution to the problems of the twenty-first century. Once again the time has come to take Marx seriously.

(Eric Hobsbawm, How to Change the World, Little, Brown Books 2011, pp. 418-19. )