Henryk Grossman is a name most socialists or students of political and social theory, let alone the mass of working people around the world, have probably never heard of. Yet Grossman, a Polish Jew born in 1881, deserves recognition as the most sophisticated proponent since Karl Marx of a devastating claim about the nature of our social world. For, if Grossman’s neglected but brilliant insight into economics is correct, then capitalism – the social system that has dominated life all over the globe for the past few centuries – may well be entering what he called its ‘final breakdown’.

The claim that capitalism is unsustainable has been ridiculed since the collapse of the Soviet Union in 1991. Capitalists declared ‘the end of history’ – their system had proven to be the stronger and would go on uncontested until the heat death of the universe. The same view dominated after the 1883 death of Marx, whose three-volume masterpiece Capital exposed capitalism as a crisis-ridden and historically transient economic system (mode of production).