Karl Marx seems to have recovered somewhat from the near fatal blow he received with the breaking down of the Berlin Wall, the disintegration of the Soviet Union and Deng Xiaoping's reforms, which allowed globalisation to move into China.

This recent recovery, at least in the increased interest in his ideas and works, is due to the world financial crisis and the ensuing international economic meltdown which went beyond the banking system and is still permeating all sectors of economic activity.

This is a situation similar to that described in Marx's writings and thoughts, which signalled capitalism's demise due to its contradictions and greediness of a few at the expense of the majority of the workers, leading to the better system of socialism and communism.

It is only natural that with the capitalist types of economy all over the world in distress, alternative theories and systems of economic development would enjoy a certain amount of interest and curiosity.

If the crisis had been brought under control with the original unprecedented amounts of bailouts to the banks all over the world, the economic consequences would probably have been limited. This was not the case, and therefore the crisis spread and continues to spread to other sectors of the economy.

Due to the success of globalisation in recent years and the inter-relationship of economic activities both national and international, no area of the economy has been spared.

The areas hit hardest were the financial centres, while places that did not rely significantly on the banking sector were spared from the original fallout. So were places like Malta, where the banking sector was found to have been more prudent in its investments than elsewhere.

Although the island was lucky to have had a more disciplined financial sector than in other countries in Europe and beyond, it is now also feeling the pinch from the crisis. Due to our open economy we are already seeing some adverse effects, and economic activities that depend on exports are the first to be affected.

The situation in Malta is not too dissimilar from the situation in Marx's own birthplace, Trier, a German city, which, also due to a small number of cautious banks, was spared the original onslaught from the financial crisis. However, its industry, made up mainly of SMEs and small family businesses, is now feeling the pinch too due to the main markets of some of its businesses, namely the German auto industry, under pressure from falling demand for its vehicles.

So far, Trier's employers, the government and the unions are handling the situation jointly, by scaled down operations, limiting lay offs and providing assistance from the social welfare net to make the situation as bearable as possible.

This solidarity seems to be working in the short run as the upturn in the economy is considered to be not too far away. The question on every one's mind is for how long such a situation can be sustained. This is the main source of anxiety at the moment.

The same prescription may be reasonable for Malta. This is the time like never before for the rather new pragmatic opposition to come together with the government and the unions to introduce the solidarity necessary in these dire times.

This is not unlikely, since the opposition has shown more willingness than earlier to break its partisan shield for the good of the country, and the unions had shown solidarity, not long ago, on a matter of national concern.

This unprecedented world economic crisis resulting from the financial crisis, and the ensuing reduction in consumer spending and a drastic drop in trade, has brought major economies to the brink of disaster and inflicted untold misery on many people.

It is therefore understandable that these extraordinary circumstances may spark interest in Marx and his works and the works of his contemporaries, like Engels.

It must be understood, however, that the capitalist system of Marx's time has changed and has developed into a mixed system that now includes some of the characteristics of a centralised system.

In fact, some wonder whether it is some of these elements, left to the market mechanism, that may have had a part in triggering the current crisis. This is probably why the solution is being sought, particularly in Europe, by ensuring better and more control of the financial institutions and major regulatory bodies.

I would not write the epithet yet for capitalism.