THE DREADED "S" WORD

Leo Panitch, Economist and Professor at York University, talks to Paul Jay from The Real News Network about the relevance of Marxist theories in studying today’s global economy. Panitch discusses the ideological crisis of the free market theory and notes that at this time “Marx would not be offering policy advice to governments about what is to be done in the face of this crisis; he would tell people to overcome their social isolation, form new collective organizations and identities, and make a social revolution.”

Leo Panitch is the Canada Research Chair in Comparative Political Economy and a Distinguished Research Professor of Political Science at York University in Toronto. Panitch is also the author of "Global Capitalism and American Empire" and his most recent release "American Empire and the Political Economy of International Finance".