According to Michael Hudson, what has failed in the 20th century is not Marxism, but Stalinism. He argues that the failure of Stalinism has allowed Marxism to be decoupled from its association with Russia. While interest in Marx’s ideas are on the rise, thanks to the financialism of capitalism, it is capitalism that is failing everywhere. Financialism embraces the view that the only purpose of business is to create shareholder value, measured primarily by short-term results. We’re seeing the ugly results.
Image from In Defense of Marxism