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Karl_MarxInteresting editorial here that echoes some of my sentiments from weeks (months?) ago, that Marxism is showing itself valid and relevant again. I still have doubts about the real possibility of a revolution in the relatively near future, but it is likely that revolution–in the strict sense–is not needed.

Interviewer: “Nowadays we call these ‘crises’ recessions. You predicted that over time, capitalism would become dominated by larger and larger firms.”

Marx: “[T]he concentration of capital and land in a few hands.”

Interviewer: “And how does this concentration bring on socialism?”

Marx: “By paving the way for more extensive and more destructive crises, and by diminishing the means whereby crises are prevented.”

Interviewer: “So the bigger firms become, the harder they fall. In the US economy, some firms have become ‘too big too fail,’ and the government has moved in. As this plays out, what will happen to capitalism?”

Marx: “Its fall and the victory of the proletariat are equally inevitable.”

It is true that much of the policy designed to help the US finance and auto companies seems particularly socialist in that government is taking over the control of many larger firms. Not sure that counts as a victory of the proletariat, but I also read today that governement is limiting executive pay. That levels the playing field a bit.

(Don’t forget to visit condron.us and alphainventions.com)

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2 Comments

  1. Marx’s critique of capitalism will always be relevant, but his predictions didn’t work out so well. The editorial writer is a conservative urging his fellow conservatives to restrain their greed and accept government regulation of business, and his argument raises the spectre of a Marxist revolution if this is not done.

    A bit over the top, I think.

    Anyway: in the end, does it make a lot of difference whether you are robbed by corrupt government officials or by greedy capitalists?

    Nothing to see here; move along.

  2. Remember it is a strategic competitive advantage to the stronger banks that the weaker ones have their exec comp limited… I’ve just posted on this, in case you are interested.


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