ABSTRACT
Many claim that the sudden demise of socialist economies in the former Soviet Union and Eastern Europe and the more gradual transformation of Chinese communism into something closer to capitalism means that “Marx is dead.” They believe we should stop using a structuralist analysis and embrace free markets as the best political-economic system. But recent developments related to the global financial crisis highlight not only the failures of free market capitalism but also the political clout of the economic elite, who receive bailouts while ordinary taxpayers struggle. Outside the seats of official power, millions of citizens continue to protest against free-trade organizations and U.S. imperialism. Those who feel excluded from economic progress, who believe that their share of the economic pie is too small, or who reject the legitimacy of the global capitalist elite represent a force that cannot be overlooked.
