The Weekly Watch
Submitted by Lookout on Sun, 05/06/2018 - 8:18am
Happy Birthday Karl!
Karl Marx has been proven accurate with his predictions on capitalism...
Marx believed the coming crisis would result from contradictions within the capitalist system itself, and predicted that these contradictions would become more and more acute as the capitalist system evolved. Over time, Marx writes, capital takes control over the handcraft production processes and later manufacture where the workers were in control of the work process, centralizing the workers into workshops and factories. Through the process of competing for markets, some firms win and others lose, capital becomes enlarged and centralized; science and technology are consciously used to improve the productivity of the workplace, thus throwing many out of work while creating new jobs in service to the machines. In the process of competing for markets, unsuccessful capitalists fall into the proletariat and all productive labor, worldwide, come ultimately within the capitalist system
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In addition to the booms and busts of capitalism that swing wider as capitalism evolves there is a constant churning of employment as machines replace men in one industry after another, throwing thousands out of work, thus swamping the labor market and lowering the cost of labor. In all of this the labourers suffer. Mass production, machine technology, and economies of scale will increasingly be applied to all economic activities; unemployment and misery for many men and women results . As capitalism develops the system must necessarily create enormous differences in wealth and power. The social problems it creates in its wake of boom and bust—of unemployment and under employment, of poverty amidst affluence will continue to mount. The vast majority of people will fall into the lower classes; the wealthy will become richer but ever fewer in number.
http://www.faculty.rsu.edu/users/f/felwell/www/Theorists/Essays/Marx5.htm
