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Economics And The New Left [Forbes]
Last apple inc. earnings: 4/30 04:30 pm
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US:NASDAQ Investor Relations: investor.apple.com
Mamdani calls himself “socialist.” He has mused that we might be better off without private property, that it might be desirable for government to own all the housing, and that we should probably nationalize the “means of production.” Given the disastrous experience with these ideas in the 20th century in Russia, China, North Korea and Cuba, how could anyone in the 21 st century seriously consider them? Here is some background. There are almost no Marxists in the world today who have a basic understanding of mainstream economics. It's not just that they haven't bothered to master the discipline. It's worse. They don't believe in economic theory at all. With few exceptions, they view mainstream economics as little more than an apology for capitalism. It was not always so. Marx himself was a rigorous student of economics – who was heavily influenced by such classical economists as Adam Smith and David Ricardo. In the early 20 th century, many economists treated socialism as a w
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