By is definition Capitalism should have reached its critcal velocity decades ago.
As profit increased and produced monopolies and a Oligarchy of the rich and few.
He guessed Capitalism would fissile out when more and more Capitalist lost their jobs and joined the oppressed class of the unemployed workers.
He was a idiot.
His attributed the value of a shoe, shirt ,book, etc by the amount of Labor that it took to make the object.
He was wrong about Capitalism driving down wages to a level that barely sustained the workers.
How about you spend a whole 3 minutes on Marx before coming in here and making dump statements.
All I can say is bad economies in general really bring out the crazy people and the radicals in a society.
Always have always will.
Think Germany a few years after the Versailles treaty.
Perhaps you may impress some with the picture of a devil, but I spent time reading and thinking about it. If you want to discuss, do so in a respectful tone.
Marx didn't think in specific terms, he spoke in generalites.
His comments on wages bottoming out were in reference to Capitalisms demise.
ALL wages exept for the few Oligarchs would plummet down to levels that barely sustained the working class.
Thats not the case and will never be the case.
And why exactly would every creditor instantly call on their outstanding accounts to be payed off ?
2008 Proves he was right..................enough said.
Free Trade Doesn't Work: What Should Replace It and Why,
That observation is correct. In that regard, Marx said in "Wage-Labor and Capital"Contradiction in the capitalist mode of production. The workers are important for the market as buyers of commodities. But as sellers of their commodity - labor-power - capitalist society has the tendency to restrict them to their minimum price.
Furthermore with regards to wages Marx said the following:The share of (profit) increases in the same proportion in which the share of labor (wages) falls, and vice versa. Profit rises in the same degree in which wages fall; it falls in the same degree in which wages rise.
To see this, consider the following. Previously, creating contour lines from maps of terrain elevation was a skill that was done manually by hand. Now it is something that is done by computer, and anyone that can use a computer can, with little guidance, do it. Now let's suppose that when it was a specialized skill that was done by hand a person was paid $50,000 a year. Now, that it is done by computer, someone could be paid $25,000 a year to do the job. In order to compensate, the person who was paid $50,000 a year must either work double the time or become twice as efficient as the $25,000 a year person. Thus for the same money, he is essentially working twice as hard, which means he is making less. Not only that, but he is creating conditions that will make his competition work harder, which puts more pressure on himself.Furthermore, to the same degree in which the division of labor increases, is the labor simplified. The special skill of the laborer becomes worthless. He becomes transformed into a simple monotonous force of production, with neither physical nor mental elasticity. His work becomes accessible to all; therefore competitors press upon him from all sides. Moreover, it must be remembered that the more simple, the more easily learned the work is, so much the less is its cost to production, the expense of its acquisition, nd so much the lower must the wages sink -- for, like the price of any other commodity, they are determined by the cost of production.
The laborer seeks to maintain the total of his wages for a given time by performing more labor, either by working a great number of hours, or by accomplishing more in the same number of hours. Thus, urged on by want, he himself multiplies the disastrous effects of division of labor. The result is: the more he works, the less wages he receives. And for this simple reason: the more he works, the more he competes against his fellow workmen, the more he compels them to compete against him, and to offer themselves on the same wretched conditions as he does; so that, in the last analysis, he competes against himself as a member of the working class.