11. “Review of Eagleton’s Why Marx Was Right”


Abstract: This article is a critical review of Terry Eagleton’s latest publication, Why Marx Was Right (2011). Eagleton, one of the more celebrated Marxist literary critics in academia, presents his readers with a manifesto of Marxian individualism for the budding theoreticians of market socialism.  This book represents Eagleton’s latest sally from the cloisters of stuffy English departments into the realms of economic theory.  I cover many of the book’s most important talking points, debate his primary theses with ample counterpoints, and probe Eagleton’s vision of the socialist future from an Austrian angle to see where the author succeeds and falls short of his mark.


  1. What an appropriate topic for the times. Sadly, academia celebrates Marx, instead of understanding his ideas have led to such economic destruction. It’s also disappointing to know that so many people have been brainwashed to believe in redistribution, a very UN-American concept.

    • Vanmind says:

      Well, most people around the world don’t care if something is un-American, nor should they — so let me offer a small correction to your comment by stating that it’s disappointing to know that so many people have been brainwashed to believe in redistribution, a very inhumane concept.

      • I don’t think that Garrett was trying to infer that because something is un-american that the entire world should reject it. It is quite possible that Garrett is an American, and as such this qualifier is important for an American. While this distinction is not the best, as you pointed out – it is still extremely valid for American audiences.

  2. What is the Libertarian take on the financial crisis of 2008? What should be done?

    • MISESIAN says:

      Abolish the fed and return to sound currency. These two things are accomplished simultaneously. An effect is that government debt will depreciate quickly unless tied to gold. Tying dollars to gold simultaneously ties govt debt to gold. The government then has to release its confiscated gold (if it has any). After that, the government can just back off. There will be an appearance of disorder as deflation kicks in. Foreign governments will panic, since the reserve currency will actually APPRECIATE and undermine the world’s inflationary race to the bottom. Government backed enterprises may fail, since bank credit expansion will end. Some Banks may fail. The Austrian position certainly isn’t utopian, but then neither are 2008, today, and the prior 20 bailouts of the big banks (s&ls, etc). Readjustment will happen naturally.

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