Marx to MarketEC1

Marx to MarketEC1 - this off the fact his contemporaries...

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Darrin Wright October 21, 2011 Business Week(Sept 19-25)pg.10-11 Marx to Market This article discusses the ideas of the philosopher, Karl Marx. He was a German philosopher, sociologist, economic historian, journalist, and revolutionary socialist who developed the socio-political theory of Marxism. He had many ideas and predictions that mostly were proven to be false. He was considered gloomy to some because some of his believers and followers were the 20 th century’s worst mass murderers. Even though some doubted his theories, He found some type of connection with each new future generation. Marx’s diagnosis of income inequality has been debated over and studied by many other philosophers, professors, and students. Joseph Schumpeter, who is considered the guru of “creative destruction”, went on to say the he doesn’t agree with Marx, but his theories cannot be ignored. Marx’s most important contention was that capitalism was inherently unstable. He based
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Unformatted text preview: this off the fact his contemporaries and predecessors were mostly captivated by its ability to serve human wants. His views on capitalism have gotten many readings from New York University economist and London-based senior adviser to UBS Investment bank. Most believe that today’s global economy bears some resemblance to what Marx foresaw. Marx predicted that companies would need fewer workers as productivity improved. This has held to be true. With the rise of new technology, it cuts out uses of jobs and adds a competitive edge to the workforce. This is a hard argument, seeing that the U.S. unemployment rate is still more than 9 percent. Most of Marx’s admires view all this information with sensible evidence and an “I told you so” type attitude. Like Marx, most belief that capitalist tends to sow the seeds of their own destruction....
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