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Karl Marx's Accurate Prediction

Gary Sudborough | 21.09.2008 20:50 | Analysis | World

Karl Marx's accurate prediction about the continuing crises in capitalism and the resultant concentration of wealth and the impoverishment of workers.

Every time there is a crisis in capitalist systems, there is a purchase of smaller companies by larger ones and of large companies by even larger ones. It happened during the saving and loans crisis. It happened during the time when the auditing companies were caught cooking the books to inflate stock prices and it has occurred during the latest crisis over predatory lending by banks involving mortgages on homes. In the latest crisis Merrill Lynch was bought by Bank of America, Lehman Brothers by Barclays and both Morgan Stanley and Goldman Sachs have suitors that want to buy these corporations.This inevitably results in a concentration of capital and layoffs of many workers, since the new corporations don't need so many employees. The increasing concentration of capital results in more and more of the world's wealth held in fewer and fewer hands. As the saying goes, the rich get richer and the poor, poorer.

Karl Marx predicted this occurrence 150 years ago. But then, the corporate media and the history books say he is irrelevant and outdated and one need not read his brilliant works. Karl Marx also predicted that these continuing crises and depressions would result in the collapse of capitalism. No system based entirely on greed can continue forever. How may fingers can be put in the dike before it collapses. I am trained in science and very reluctant to believe in theories. However, I am utterly confident that capitalism will collapse someday and a sytem more compassionate to the majority of mankind will result. That is, if a nuclear war or environmental catastrophe doesn't occur first.

Never the less, Karl Marx's prediction remains accurate and illustrates the workings of a brilliant mind.

Sincerely,
Gary Sudborough

Gary Sudborough
- e-mail: IconoclastGS@aol.com

Comments

Hide the following 9 comments

1929

21.09.2008 21:31

was nearly eighty years ago.

Is capitalism stronger now than it was 80 years ago?

So if it can survive that, I think it'll survive the present crisis.

engels


unfortunately

21.09.2008 22:40

"I am trained in science and very reluctant to believe in theories" it seems this sentance is impossible, considering science is based on theories, the theory of evolution, for example, and not fact, the progress of science just being better theories.

also, seems karl marx didn't predict the massive industrial pollution (thus environmental damage) from the russian regime. which country has lost the most nuclear weapons? a communist one! which countries performed the most recent massive human rights abuses? communist ones!

the political spectrum is a circle!

!!!


You dont...

21.09.2008 23:25

...have to agree with Marx's proposed (rather implied) system in order to agree with the critique of another system.

P


Will collapse

22.09.2008 09:38

Capitalism will collapse? In my view, yes, because it is not a sustainable system. Nothing can grow forever without killing the living things that support it, not even a cancer. How long it will take and how much environmental destruction I have no idea. Sure climate change is having and will have an even greater influence on the economy.
The economic crysis following the crash in 1929 brought a great shift to the right in Europe, as Hitler and Mussolini exploited the insecurity in the masses to build their political success.
Marx was right on some things and wrong on may others. By the way, if the oppressed masses will 'necessarely' coalesce and overthrow their oppressors, when is that going to happen?
Just a few thoughts.

not a marxist


But communism collapsed!

22.09.2008 11:28

Capitalism has never completley collapsed in the several centuries it has been in existance. It has always come back and recovered from every economic crisis. Meanwhile communism only last from 1917 until 1989 when it collapsed through eastern Europe. The remaining communist states of China and Cuba have been turning to towards capitalism for around the past 25 years. China is now the world fastest growing capitalist economy as it has almost completely dispensed with communist policies. While North Korea which has steadfastly clung to communist policies has suffered severe hardship and mass famine which has killed a million people.

Economist


Personally...

22.09.2008 11:51

...I don't think we have seen a communist system proper in our global history, despite the countries and systems the above posters cite. To my way of thinking those systems are not communist, though 'socialist / communist rhetoric' was undoubtedly used to justify and rally people behind the power figurations that formed in those countries.

I also agree with the poster RE collapse by virtue of the fact of sustainability and scarcity of resources. However, Marx does engage with this as being a limiting factor albeit limited for the expense of political rhetoric.

I do think alternative systems are required, just not a Marxist one (to avoid the constant historical referencing) ! Unfortunately I think the direction pursued will be similar to the fictional account by Susan George, in her book (fiction) 'The Lugano Report: On preserving Capitalism in the twenty-first century'

P


but...

22.09.2008 12:03

But all the countries you mention have had their affairs meddled with by the capitalists, and in particular the US! How can you say that communism failed, without taking into account the fact that the US have done everything in their power to make is fail. You can't lay all the blame on the system it's self, as it has never truly had the chance to prove it's self.

A Radical Fool


Communism and Capitalism

22.09.2008 13:02

You say Communism failed because the capitalists undermined it.

On the other hand, the communists did their best to undermine capitalism - and failed.

So which is the more robust?

engels


Communism

22.09.2008 14:33

The USSR, China, North Korea etc were not and never have been communist states. At best they were state capitalist at worst Fascist.

It's like calling modern day America a democracy, the powers that be may say it is a democracy but the facts on the ground tell a different story.

Rudeboy


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