History Repeats Itself: First as Tragedy, Second as Farce?

195 years ago, Karl Heinrich Marx was born on this day. Among other things, Marx stated two things: (i) history repeats itself; and (ii) rich is just getting richer, while the poor become even poorer over time. Concerning the first tenet, recent financial turmoil which has been transmogrified into an once-in-a-lifetime economic crisis also reflects the view of Olivier Blanchard, who emphasised that after the devastat
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