What Marx Would Think About Today

Karl Marx’s theory in Das Capital was an perfect prediction of globalization and capitalistic idealism. He foresaw many of the opprobrious factors that would give rise to directly’s global frugal crisis: what he called the “contradictions” inherent in a world comprised of emulous markets, commodity production, and financial speculation.
If he were to come back today and witness the current economic downturn, I think Marx would bear witness out how the flaws in capitalism led to the current crisis. He would see how meansrn developments in finance, such as securitization and derivatives, take allowed markets to spread the risks of global economic integration. Capitalism is a mode of production that satisfies needs through trade. This created the notion of commodity in the social class. Without these innovations, capital accumulation all over the previous decades would birth been significantly lower and so would it abide been, if finance had not penetrated so deeply into society. The result has been that consumer demand and prosperity in recent years has depended more and more on belief cards and mortgage debt at the same time that the weakened power of trade unions and cutbacks in social welfare have made people more vulnerable to market shocks.




Marx was against capitalist globalization in his time and would be now. Instead, he still that “the need for a constantly expanding market for its products chases the bourgeoisie over the consentaneous surface of the globe,” foreseeing that the development of capitalism would inevitably be “paving the way for more extensive and exhaustive crises.” Marx determine how disastrous speculation could trigger and exacerbate crises in the whole economy. He saw through the political illusions of those who would argue that such crises could be permanently prevented through incremental reform. His historical location saw that material forces drove history.
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