Marx was certain Capitalism was sure to fail as oppressed workers would rise up and overthrow the profit-driven Victorian system.
Marx was wrong. He thought it would all get so bad the workers would overthrow the system. Yet even as he was writing, reformers were beginning to get rid of the worst employment practices. Capitalism got kinder, not nastier. But the idea that the competing interests of bosses and workers would cause crises, well, that does seem relevant today.
The housing boom resulted in the reckless sub-prime lending by the Banking System and the eventual economic crash we are experiencing today.
But the idea that low wages may have contributed to the crisis is gaining ground, even if the name Karl Marx is as toxic as ever. George Magnus is a senior economic adviser to one of the world’s leading banks.
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