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econ434notes15f

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

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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
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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
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