“An emergent neoliberalism did curb inflation and restore profits, but only through a vicious offensive against the working class. There were pitched battles waged in defense of the welfare state, but our era has largely been one of deradicalization and political acquiescence. Since then, real wages have stagnated, debt soared, and the prospects for a new generation, still wedded to a vision of the old social-democratic compact, are bleak.”

Why the ideas of Karl Marx are more relevant than ever in the 21st century | Bhaskar Sunkara | Comment is free | guardian.co.uk