7 May 2018

Quartz: Capitalism is unfolding exactly as Karl Marx predicted

“[O]nce adopted into the production process of capital, the means of labor passes through different metamorphoses, whose culmination is the machine, or rather, an automatic system of machinery,” he wrote in his then-unpublished manuscript Fundamentals of Political Economy Criticism. “The workers themselves are cast merely as its conscious linkages.” [...]

Marx showed that recurrent crises were not an accidental side effect of capitalism, but a necessary and inherent feature, explains Nick Nesbitt, Princeton University professor of French and Italian and editor of The Concept in Crisis: Reading Capital Today. “​He shows that the source of value in capitalism is living labor. He also shows that capitalism nonetheless tends to eliminate living labor as a necessary dimension of its development,” Nesbitt says. That contradiction means capitalism is never stable, but forever shifting in and out of crises: The system depends on human labor while simultaneously eradicating it. [...]

It may be tempting to dismiss Marx’s analysis given that his communist vision failed in practice. However, the politics that developed in the Soviet Union were “not part of Marx’s vision of a social structure” says Nesbitt, but “developments of Leninism and the Russian revolution.” Most of Marx’s work was focused on critiquing capitalism, and he wrote relatively little about exactly what it would take for communism to become reality, or how it would function. Marx famously popularized the slogan, “From each according to his ability, to each according to his needs,” meaning that all would have the opportunity to reach their highest potential and to receive the needed goods, such as food and shelter in turn. But, notes Carol Gould, philosophy professor at Hunter College, City University of New York, Marx didn’t say much about what this mantra would look like in practice.

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