Flaws Of Marxism

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The capitalist system has drawn the ire of many economists due to its apparent, inherent flaws. Being the dominant economic system in today’s global economy, it becomes important to truly understand what capitalism actually is and what its nature is. By definition, capitalism is a system where private owners control the means of production in an economy. However, the close relationship between capitalism and democratic politics, according to many economists, results in flaws with the system. Three behaviors stemming from this relationship can be used to identify a capitalist system. First, the classical Marxian perspective of the class relationship allows one to understand the makeup of a capitalist society. Second, the series of economic crises …show more content…

His idea of a rigid class structure between the capitalist elite and the workers has remained a strong influence even today. Some economists, like Block, argue that the class system of capitalism is necessary for it to be able to function in society. He claims that the dichotomy between classes presents no alternative to capitalism, without workers supporting the rich capitalists, there is no investment into the economy (270). This dependence on the capitalists essentially reorganizes the society of a capitalist economy, cementing the roles of both classes (Przeworski 138). Once these classes become cemented in a capitalist society, the rich can begin to exploit the system for personal gain. Marxians believe that surplus value, the profits available from production, were the driving mechanism of a capitalist system (Block 274). However, if surplus value is a driving mechanism, it suddenly becomes apparent why capitalists would try to exploit their workers in an attempt to derive maximum profits from their investments. Because they have been granted the role of the rich investor in a capitalist society, without whom the economy would grind to halt, they have the power to use the system to further increase their wealth. This power they have over the workers in a capitalist society creates the tension that Marx outlined in his theories on capitalism. Marx argued that the class structure of capitalism would be its downfall, as the workers would rise to overthrow the bourgeoise. According to Przeworski, this is not the case (134). Democratic conditions in a capitalist society, which are often present, can allow the class relationship to continue far longer than Marx predicted. Block argues that states continuously attempt to “patch” issues with the system, only to find new issues appear, stemming from an inherent flaw in the capitalist system (275). As evidenced by the

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