New Opportunities for Marxists: Climate Change and Coronavirus

In The Communist Manifesto (1848) Karl Marx (1818–83) and Friedrich Engels (1820–95) predicted that capitalism would lead to the impoverishment of the laboring class. Why? Well, to raise profit on capital invested, Marx and Engels argued, entrepreneurs (the capitalists) would exploit the workers. They would reduce wages and worsen working conditions by, say, increasing working hours. From that viewpoint, Marx and Engels put forward an immiseration theory of capitalism. Worker “Exploitation” Marxists would not argue that workers’ wages would decline in absolute terms, but certainly in relative terms: the wage incomes of the many would rise less than the incomes of the capitalists, thereby … Continue reading New Opportunities for Marxists: Climate Change and Coronavirus