The Failure of Modern Capitalism Looking at Modern...

In a time of such economic distress, where it sometimes feels as though the world as we know it is coming to an end, it is hard not to examine and question the fundamental idea of capitalism. Many people are starting to wonder if our laissez-faire attitude towards the economy can continue to be successful or if a major change to our society is imminent. In seeking answers to these questions, it is impossible not to think of economist Karl Marx, who spent the better part of his career analyzing capitalism. Marx long ago predicted what he deemed the inevitable downfall of the capitalist society and outlined his reasoning in his infamous Manifesto of the Communist Party. According to Marx, capitalism is bound to collapse due to its inherent†¦show more content†¦[Marx 1983:210] Quite simply, the capitalist system eventually reaches a point where it is so productive that more is produced than people can buy. When companies are unable to sell all their product they must cut costs in another area, which almost always results in laying off workers. This then creates more people who are unable to afford to purchase products, both from the original company and other companies as well. The value of these products becomes so low that companies are forced to destroy their excess product in order to insure the rest of the product retains value. An example of this in our current economy is the real estate crisis. The New York Times article â€Å"Vacancies Raise Risk and Cut Value of Real Estate† looks specifically at the struggling real estate market of commercial buildings in major cities across the United States. The article discusses the trouble the building owners are running into in finding tenants and how they are consequently being forced to offer space at extremely low prices or to sell their buildings all together. The Washington Mutual Center was recently sold to the Northwest Mutual Life Insurance Company for the incredibly low price of $115 million because JPMorgan Chase, the original owner, was unable toShow MoreRelatedTo What Extent Was the Chinese Revolution, 1927-1949, a Socialist Revolution as Defined by Marx?4672 Words   |  19 Pagesinvestigation will be comparing classical Marxist doctrine with Mao Zedong thought and the Chinese revolution, to see the extent that the revolution adhered to Marxist doctrine. Classical Marxism will be defined by the works of Karl Marx and Fedrich Engels and Mao Zedong thought will be defined by the works of Mao Zedong. The primary sources used for this essay are Selected Work of Mao Zedong and Marx and Engels: Selected Works. To investigate the Marxist nature of the Chinese revolution, I breakRead MoreTheoretical Orientation And Framework. Employer-Employee5229 Words   |  21 Pagespr ocesses or autonomous from society. 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