In Marx’s Shadow Again
Ever since Karl Marx predicted that the modern capitalism he saw evolving would prove incapable of producing an acceptable distribution of income, mainstream economists have earned their bread and butter patiently explaining why he was wrong. But, with the decline of social-democratic politics, that task has gotten a lot harder.
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A century and a half ago, Karl Marx both gloomily and exuberantly predicted that the modern capitalism he saw evolving would prove incapable of producing an acceptable distribution of income. Wealth would grow, Marx argued, but would benefit the few, not the many: the forest of upraised arms looking for work would grow thicker and thicker, while the arms themselves would grow thinner and thinner. This injustice would provoke revolt and revolution, producing a new, better, fairer, more prosperous, and far more egalitarian system.