The the economic crises and also the crises in theory in capitalism have presented themselves many times but in absence of a ready force of or ganized working class equipped with the revolutionary class consciousness, capitalism has been getting over it. In case of the great depression of 1930s, along with the pressure from within emanating from the need to save the capitalism from crumbling down under its own pressure, there was external pressure of various sections of collectivist demands. The model welfare state and the mixed economy was adopted as the way out. Adam Smith gave way to Keynes. The present crisis, the crisis of surplus capital seems to be unsolvable within capitalism and the engine of socialist ideological move has taken a U turn owing to growing fascist trends world over. The agenda in 1970s was repainting the bourgeois constitutions with people' constitution but now the agenda is defending the same bourgeois constitution under fascist onslaught. But history shall eventually move ahead. The immediate need is creation of a new workers international to ideologically take on the liberalism. There is crisis of theory in socialism too. We, who claim Marx's legacies must read Marx again and act as he would have in the present circumstances.