All serious political analysis has a Marxist element. The core discovery of Karl Marx as a political philosopher was the dominance of economic change in shaping the history of political society. In the last fortnight, exciting events have been happening in Britain, including the Conservative victories in London and the local elections. Yet much more important events have been occurring in the global economy.

It is interesting that Boris Johnson has been elected Mayor of London; that is coup de théâtre for his party that will turn votes as well as heads in other political contests. But, with all respect to Boris Johnson, the peak price for West Texas Intermediate Crude Oil, which closed on Friday in London at $125. ... Read full article