Letter to BS: Capitalism seems to be losing its way in European heartland

Fond hope of realising Utopia through 'measures like universal basic income' will remain a pipe dream only as explained by Ayn Rand in Atlas Shrugged

Nitin Desai’s observation in ‘Marx for our times’ (May 17) that ‘capitalism seems to be losing its way in European heartland’ is absurd in view of economic chaos prevailing in the Marxist paradise of Venezuela and Cuba. Desai’s assertion about ‘value’ being solely a function of the labour (and earth) clearly leaves out other equally (if not more) important factors like demand, supply, risk, capital and technological, managerial and marketing skills. Finally, the view that machines are weapons to keep down workers is so ridiculous that even the most fanatic trade-unionist today would scoff at the idea. 

Desai’s fears about the