. . .the connection between capitalism’s tendency to crisis and the current wave of food riots around the world:

“The social theories of Karl Marx were long ago discarded as of little value, even to revolutionaries. But he did warn that capitalism had a tendency to generate its own crises. Indeed, the spread of capitalism, and its accelerated industrialization and wealth-creation, may have fomented the food-inflation crisis — by dramatically accelerating competition for scarce resources. The rapid industrialization of China and India over the past two decades — and the resultant growth of a new middle class fast approaching the size of America’s — has driven demand for oil toward the limits of global supply capacity. That has pushed oil prices to levels five times what they were in the mid 1990s, which has also raised pressure on food prices by driving up agricultural costs and by prompting the substitution of biofuel crops for edible ones on scarce farmland. . . the food crisis, and its attendant political risks, are not likely to be resolved or contained by the laissez-faire operation of capitalism’s market forces.”

Proximate causes: “A swelling global population, soaring energy prices, the clamouring for meat from the rising Asian middle class, competition from biofuels and hot money pouring into the commodity markets are all factors that make this crisis unique and potentially calamitous.”

Meanwhile, just a few hours ago: About 20,000 workers rioted over high food prices and low wages on Saturday close to the Bangladesh capital Dhaka, police said, amid spreading global unrest over soaring grocery costs.

We will be talking about the events of this week a decade from now.