Capitalism

“Capitalism is doomed to fail” Comment on the above statement, stating if you agree or disagree and your reasons for doing so.

The famous socialist, Karl Marx believed that capitalism was not to succeed, which he stated, “capitalism is doomed to fail.” Marx believed that capitalism would fail because capitalists exploited workers by not paying them their full value of their labour. In Marx’s time new machinery was being introduced, which replaced many jobs leaving thousands of people unemployed. He also predicted that the system would turn out into one big monopoly and all the small firms would be wiped out. Therefore, the groups outside the monopoly would get poorer and poorer and form an enormous group and rise against the capitalists. However, Marx’s theory did not exactly turn out the way he thought it would. Capitalism still exists in today’s modern world and has not failed. It will be argued that many of the problems Marx saw in capitalism have been solved...