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by Gary Sudborough
Monday, Sep. 22, 2008 at 5:08 PM
Karl Marx's accurate prediction about the continuing crises in capitalism and the resultant concentration of the world's wealth in fewer and fewer hands and the impoverishment of workers
Every time there is a crisis in capitalist systems, there is a purchase of smaller companies by larger ones and of large companies by even larger ones. It happened during the saving and loans crisis. It happened during the time when the auditing companies were caught cooking the books to inflate stock prices and it has occurred during the latest crisis over predatory lending by banks involving mortgages on homes. In the latest crisis Merrill Lynch was bought by Bank of America, Lehman Brothers by Barclays and both Morgan Stanley and Goldman Sachs have suitors that want to buy these corporations.This inevitably results in a concentration of capital and layoffs of many workers, since the new corporations don't need so many employees. The increasing concentration of capital results in more and more of the world's wealth held in fewer and fewer hands. As the saying goes, the rich get richer and the poor, poorer.
Karl Marx predicted this occurrence 150 years ago. But then, the corporate media and the history books say he is irrelevant and outdated and one need not read his brilliant works. Karl Marx also predicted that these continuing crises and depressions would result in the collapse of capitalism. No system based entirely on greed can continue forever. How may fingers can be put in the dike before it collapses. I am trained in science and very reluctant to believe in theories. However, I am utterly confident that capitalism will collapse someday and a sytem more compassionate to the majority of mankind will result. That is, if a nuclear war or environmental catastrophe doesn't occur first.
Never the less, Karl Marx's prediction remains accurate and illustrates the workings of a brilliant mind.
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