View Poll Results: Was Karl Marx Right About Capitalism?

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Thread: Was Karl Marx Right About Capitalism?

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    Was Karl Marx Right About Capitalism?

    Here's an interesting article by George Magnus, former Chief Economist at UBS, the biggest bank in Switzerland

    Give Karl Marx a Chance to Save the World Economy: George Magnus

    Policy makers struggling to understand the barrage of financial panics, protests and other ills afflicting the world would do well to study the works of a long-dead economist: Karl Marx. The sooner they recognize we’re facing a once-in-a-lifetime crisis of capitalism, the better equipped they will be to manage a way out of it.

    The spirit of Marx, who is buried in a cemetery close to where I live in north London, has risen from the grave amid the financial crisis and subsequent economic slump. The wily philosopher’s analysis of capitalism had a lot of flaws, but today’s global economy bears some uncanny resemblances to the conditions he foresaw.

    Consider, for example, Marx’s prediction of how the inherent conflict between capital and labor would manifest itself. As he wrote in “Das Kapital,” companies’ pursuit of profits and productivity would naturally lead them to need fewer and fewer workers, creating an “industrial reserve army” of the poor and unemployed: “Accumulation of wealth at one pole is, therefore, at the same time accumulation of misery.”
    Story: John Henry and the Making of a Red Sox Baseball Dynasty

    The process he describes is visible throughout the developed world, particularly in the U.S. Companies’ efforts to cut costs and avoid hiring have boosted U.S. corporate profits as a share of total economic output to the highest level in more than six decades, while the unemployment rate stands at 9.1 percent and real wages are stagnant.

    U.S. income inequality, meanwhile, is by some measures close to its highest level since the 1920s. Before 2008, the income disparity was obscured by factors such as easy credit, which allowed poor households to enjoy a more affluent lifestyle. Now the problem is coming home to roost.

    Over-Production Paradox

    Marx also pointed out the paradox of over-production and under-consumption: The more people are relegated to poverty, the less they will be able to consume all the goods and services companies produce. When one company cuts costs to boost earnings, it’s smart, but when they all do, they undermine the income formation and effective demand on which they rely for revenues and profits.

    This problem, too, is evident in today’s developed world. We have a substantial capacity to produce, but in the middle- and lower-income cohorts, we find widespread financial insecurity and low consumption rates. The result is visible in the U.S., where new housing construction and automobile sales remain about 75% and 30% below their 2006 peaks, respectively.

    As Marx put it in Kapital: “The ultimate reason for all real crises always remains the poverty and restricted consumption of the masses.”

    ......................
    SO

    Was Karl Marx right about capitalism?

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    Re: Was Karl Marx Right About Capitalism?

    Quote Originally Posted by MildSteel View Post
    Here's an interesting article by George Magnus, former Chief Economist at UBS, the biggest bank in Switzerland



    SO

    Was Karl Marx right about capitalism?
    My controversial opinion is that he is essentially right about the failure of capitalism, only that he limited his timeline too much. My belief is that in social studies such as economics, the "long run" is in the centuries unit. Capitalism as defined by Smith has already failed and gave way to an entirely different economic system. From a system where a factory of 10 was significant enough to be mentioned, an age of small merchants and farmers to an age of giant corporations and unions, of big government and complex international economic relations. No, what we have is definitely not capitalism, at least what Smith would have defined it.
    As for Marx's theory of labor, I believe that technology has made it obsolete (automation) and future unpredictable technology will further disprove it. Yet in the sense of "capitalism" failing, he was right.
    "The misery of being exploited by capitalists is nothing compared to the misery of not being exploited at all" - Joan Robinson
    "The inherent vice of capitalism is the unequal sharing of blessings; the inherent virtue of socialism is the equal sharing of miseries" - Winston Churchill

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    Re: Was Karl Marx Right About Capitalism?

    What we practice is heavily controlled by the government, so it's not really fair to judge capitalism based on how things are today.

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    Re: Was Karl Marx Right About Capitalism?

    Quote Originally Posted by MildSteel View Post
    Was Karl Marx right about capitalism?
    There is no "right and wrong" option.
    "Men did not make the earth ... it is the value of the improvement only, and not the earth itself, that is individual property... Every proprietor owes to the community a ground rent for the land which he holds." -- Thomas Paine, Agrarian Justice
    http://www.wealthandwant.com/

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    Re: Was Karl Marx Right About Capitalism?

    I prefer Groucho Marx when it comes to government predictions. We're headed for Duck Soup, the lot of us.
    Either I'm right or you're wrong.

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    Re: Was Karl Marx Right About Capitalism?

    Democracy is the road to socialism--Karl Marx

    "Democracy is indispensable to socialism." - Vladimir Lenin


    no wonder i hate democracy as a Form of government.-------ernst barkmann


    democracy is the most vile form of government- James Madison

    capitalism......please!... the federal government has controlled the markets for so long they are not free.

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    Re: Was Karl Marx Right About Capitalism?

    Quote Originally Posted by Geoist View Post
    There is no "right and wrong" option.
    Yes means right, no means wrong.

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    Re: Was Karl Marx Right About Capitalism?

    Quote Originally Posted by ernst barkmann View Post
    Democracy is the road to socialism--Karl Marx

    "Democracy is indispensable to socialism." - Vladimir Lenin


    no wonder i hate democracy as a Form of government.-------ernst barkmann


    democracy is the most vile form of government- James Madison

    capitalism......please!... the federal government has controlled the markets for so long they are not free.
    Free to what? Pollute and ass rape?

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    Re: Was Karl Marx Right About Capitalism?

    Quote Originally Posted by NoC_T View Post
    Free to what? Pollute and ass rape?
    no one you must learn the the difference between federal power and state powers.

    federal being ...few

    state being ....vast.

    the states are given powers which would have some control over markets.....the federal government is given only the power to regulte between the states, to protect against state trade wars and barriers...which is what the states did under the articles of confederation.

    to prevent that again.....power was given to the federal government to prevent it happening....they were no given power to control markets.

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    Re: Was Karl Marx Right About Capitalism?

    Quote Originally Posted by ernst barkmann View Post
    no one you must learn the the difference between federal power and state powers.

    federal being ...few

    state being ....vast.

    the states are given powers which would have some control over markets.....the federal government is given only the power to regulte between the states, to protect against state trade wars and barriers...which is what the states did under the articles of confederation.

    to prevent that again.....power was given to the federal government to prevent it happening....they were no given power to control markets.
    I got news for you: trade in financial instruments is a form of commerce, and regulate means control.

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