Karl Marx Was Right

Intelligence Squared · Sep 30, 2016 · 1h 2m

We can’t say Karl Marx didn’t warn us: capitalism contains the seeds of its own destruction. In their chase for ever higher profits, the capitalists shed workers for machines. The higher return on capital means that the share of profits rises and the share of wages falls, and soon the mass of the population isn’t earning enough to buy the goods capitalism produces. And that’s exactly what’s been happening over the past four years of the Great Recession: ever increasing income inequality, leading to ever weaker aggregate demand – temporarily disguised by an unsustainable credit binge – leading…