ABSTRACT
Capitalism is in crisis outside the West because international globalization is failing but because developing and former communist nations have been unable to “globalize” capital within their own countries. Meanwhile, the promoters of capitalism, still arrogant on their victory over communism, have yet to understand that their macro-economic reforms are enough. Marx’s insights into capital, as George Soros recently observed, are often more sophisticated than those of Adam Smith. Marx understood better than anyone else in his time that in economics there is no greater blindness than seeing resources exclusively in terms of their physical properties. Admiration for good property systems should not blind us to the fact that, as Marx noted, these systems can also be used for theft. The world will always be full of sharks expert at using property paper to skim off wealth from unsuspecting people. The revolutionary contribution of an integrated property system is that it solves a basic problem of cognition.
