econ434notes15f

econ434notes15f - What did Marx get right? -Globalization |...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
What did Marx get right? -Globalization | Diminishing importance of nations -Industrial concentration -Wealth and power - New markets? –Hobson, Lenin, Hilferding - Class interest What did Marx get wrong? - Labor theory of value. - Dynamic instability of capitalism - Immiseration- are the poor really worse off then they were 100 years ago? - Dictatorship of the proletariat Communism Examples show otherwise: Stalin – killed off intellectuals, Trotsky – bloodthirsty. It appears that societies that experienced a ‘Communist’ revolution ended up with a government more in line with what would be predicted by Roberto Michael’s “Iron Law of Oligarchy” rather than the anarchic ideal predicted by Marx. Q ε Will we run out of resources and require government intervention? Pollution seems to be down, while markets seem to be fairly good. More NOTES
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Marx (1848) Where was Marx correct? 1. Globalization: commodities will be produced wherever it can be done most cheaply; similarly with globalization will be the diminishing importance of nations 2. Industrial Concentration: due to smaller companies being wiped out
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 01/12/2010 for the course ECON 434 taught by Professor Byrns during the Spring '09 term at UNC.

Page1 / 4

econ434notes15f - What did Marx get right? -Globalization |...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online