Cindy Herrera INS3003.docx - 1 Cindy Herrera September 26th 2019 INS 3003 Summary – Word count 410 What did you expect from capitalism written by

Cindy Herrera INS3003.docx - 1 Cindy Herrera September 26th...

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1 Cindy Herrera September 26 th , 2019 INS 3003 Summary – Word count: 410 What did you expect from capitalism? written by Robin Varghese, focuses on Karl Marx's predictions and how they seem to have been true despite the doubts of many. Although the issue in recent years is not a sudden crisis of capitalism, but its normal functioning, which has resurrected pathologies that the developed world seems to have left behind in recent centuries. Marx believed that the pressure on entrepreneurs to accumulate capital under the conditions of market competition would lead to results that are evidently familiar to capitalism today. Marx argued, first, that the improvement in labor productivity resulting from technological innovation would, mostly, be taken over by the owners of capital and that workers would always earn less than what they actually added to output, leading to poverty and comparative immiseration. Marx then anticipated that capitalist competition for lower wages would force them to implement technology that would save labor. This technology would eliminate employment, generating a part of the population that is permanently unemployed and underemployed over time. Third, Marx believed that competition would lead to greater concentration in and between sectors, as larger, more lucrative companies pushed out smaller companies. Because these larger companies
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