The Failure of Modern Capitalism: Looking at Modern Situations from a Marxist Perspective

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In a time of such economic distress, where it sometimes feels as though the world as we know it is coming to an end, it is hard not to examine and question the fundamental idea of capitalism. Many people are starting to wonder if our laissez-faire attitude towards the economy can continue to be successful or if a major change to our society is imminent. In seeking answers to these questions, it is impossible not to think of economist Karl Marx, who spent the better part of his career analyzing capitalism. Marx long ago predicted what he deemed the inevitable downfall of the capitalist society and outlined his reasoning in his infamous Manifesto of the Communist Party. According to Marx, capitalism is bound to collapse due to its inherent internal contradictions of overproduction, concentration of capital and an intelligent working class (Marx 1983:210-214). Interestingly, in looking at current events, examples of these capitalist contradictions are abundant. Looking at modern situations through a Marxist lens we are better able to understand the circumstances society finds itself in today and predict and prepare for the future.

The first contradiction of capitalism Marx discusses in his manifesto is the problem of overproduction. Marx explains:

In these crises there breaks out and epidemic that, in all earlier epochs,

would have seemed an absurdity – the epidemic of over production …

[T]here is too much civilization, too much means of subsistence, too much

industry, too much commerce. The productive forces at the disposal of

society no longer tend to further the development of the conditions of

bour...

... middle of paper ...

...mately fail according to Marx, and advancements in technology are happening faster every day, creating new avenues for workers to explore without owners. The answer to the burning question of what will become of our economy may just be the conclusion of capitalism.

Works Cited

Marx, Karl

1983 [1848] Manifesto of the Communist Party. In The Portable Karl Marx.

Eugene Kamenka, ed. New York: Viking Penguin. Pp. 203-217.

Morrison

Glossary of Concepts. In Formations of Modern Social Thought. Pp. 308-347.

Pristin, Terry

2009 Vacancies Raise Risk and Cut Value of Real Estate. New York Times,

September 15.

Stelter, Brian

2009. Kanye West Vs. Taylor Swift? Try YouTube Users vs. Viacom. New York

Times, September 14.

Stone, Brad

2009. Will Amazon Become the Wal-Mart of the Web? New York Times,

September 19.

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