This piece, from 2015, is a good one to mark the 200th birthday of Karl Marx. His analysis of history, and where it appeared that we were going, was remarkable in many ways, mostly in how badly it was misinterpreted. As we move ahead to a market driven economy that is remarkably distinct from an industrial economy, an understanding of Marx (along with Adam Smith, John Maynard Keynes, and Milton Friedman) seems more essential every day – assuming it’s done properly, that is.
Imagine for a moment that you live in the most fair and equitable economy you can dream up. There are some very specific things that most people in the developed world, especially Americans, would think would be a part of this.
There would be upward mobility, where family circumstances do not determine the kids’ future. People could find their own way according to their own talents and choices as to what makes a good life. Money would rarely limit dreams, as a free-flowing capital market would provide funding for good ideas at reasonable rates. Most would own their own homes and have control over their own destiny. Workers would own the company they work for, banking their retirement at a reasonable age on the place that they helped build. Basics like food and access to health care would not be expensive.
Such a place is the embodiment of pieces of both the Democratic and Republican parties in odd turns. This place of the imagination has also been pretty close to the perfect state envisioned by Karl Marx, although it may be descending into an oligarchy (which I prefer to call “gangster state”).