Adam Booth contrasts the economic theories of Thomas Piketty with those of Karl Marx.

Tectonic shifts are taking place in the world economy. The price of oil has fallen dramatically in the past six months. The price of Brent Crude has now fallen to less than $60 a barrel. This marks a near fifty per cent drop in price from $115 a barrel in June. It heralds a new stage in the capitalist crisis, and its impact is being felt throughout the world.

Behind the gloss of various superficial measures introduced by George Osborne in his 2014 Autumn Statement on Wednesday 3^rd December lay a far grimmer message for the vast majority of ordinary people. The real story of Osborne’s statement is the warning of what lies ahead after the next election: years more of austerity and deep, savage cuts.