With another huge financial market crash just proves once again Marx was correct

100 million murdered humans proves that Marx was wrong.

Great idea! You can start by talking to your 8th grade English teacher. (S)he might offer it to the class for extra credit or you could try starting a book club! Lots of books to read and we’re all very proud of you

Tell us why you think he was correct. Never read that book. Curious about your point of view.

A lot of Marx's analysis of capitalism is generally accepted. It was written during the early decades of the industrial revolution.

That doesn't mean there's such thing as socialism. He didn't really understand the dynamics of huge social systems. The "proletariat" cannot become a self-conscious unified entity that takes over, only opportunists claiming to represent them can.

You are surrounded by socialism. Is there pure socialism functioning among multi-nations at this time? No. Where are the pure capitalist (or pure free market) nations? No such place.

There are no large scale pure free markets. Every where that is not socialist is run by a dictator/monarch or monarchy system/military junta. All-so-called free market nations have regulators with varying degrees of authority. All so-called free market nations have a social safety net, some more robust than others. If so-called capitalist (only non-economics majors use the word capitalism) or so-called free market nations truly existed, there would be no need for regulators and no need for a social safety net.

Let's move away from 19th Century writers who lead no men. Let's tie this to O.P.'s concerned about banks.

There are three choices and there are only three choices regarding commercial banking:

1) Purely unregulated banking. Commercial banks that have a good reputation, people will do business there. No bank regulators. No F.D.I.C. insurance. If banks fail, savers lose their money. Tough. Markets are inefficient. This would happen often. Bank failures. People and business will think a bank is good based on the quality of tv commercials. Pure free markets do not work. [Do you believe 1930's Depression was bad. Depressions in 19th Century were worse.]

2) From mid-1930's through mid-1970's, an alternative to total government take over of commercial banking. A regulated banking system which allowed commercial banks to profit (privatized profits) and savers were insured (socialize the loses). Bank regulators would do random or not so random audits if there was a need to be concerned about a commercial bank. If a bank's balance sheet was shown to be weak, a bank regulator could force a commercial bank to keep a cash account, non-interest bearing cash account. The amount of the cash was determined by regulators. This is it. Bank de-regulation. Reagan, H W Bush, this is what they were addressing. Managers and large shareholder managers of large banks wanted the bank regulators to leave them alone. Then under W Clinton, Repeal of Glass-Steagall. B W, regulated banks is the only choice between Mad Max and socialized government take over of banking services.

3) With our campaign system, large banks can complain to members of Congress on both sides about bank regulators. How can bank regulation of 1/2 billionaire men & women at the top of large banks work? The alternative to Mad Max, government take over of banking. Why can't college educated men and women who earn $60,000 to $240,000 do a good job managing banks for no profit, government workers? Do bankers really need to earn, with bonuses and stock options more than 24 million per year to do a good job?

The fundamental feature of socialism is common ownership. That's not a purity test, it's an either-or test. There's no gray area.

Common ownership is not possible on the large scale. It's an abstract idea bandied around by intellectuals, but not backed up by anything real in the human condition. You don't really own state property.

Substitute the word government for socialism & common ownership. It makes socialism less utopian. Can government take over of medicine work? Sure it can work. It does work. It might not work to your taste but government take over of medicine does work. Can government take over of education work. Yes, it works in Europe. Again, it might not work to your taste. You may prefer a U.S. ophthalmologist who earns 1.2 million dollars per year to remove a cataract to a European doctor who earns 160 Euro per year. Statistically, no difference.

O.P. wanted to make it about Marx. If we use government take over of banking industry, there you go. Government is a representation of the people.

Can a government paid $60,000 per year financial advisor do just a good of job as $1.2 million dollar per year financial advisors at big banks? Yes. They do today. You have young Bud Fox types right out of school who know some things the senior advisors who went to college in 1970's do not know and senior advisors know some things the young Bud Fox types do not know. It's a wash.

Socialism works on a very small scale, a tribe, for example. Everyone contributes for the common good. The old and infirm are supported by the rest of the tribe. Those who are selfish or don't support the common good are exiled from the tribe, which often meant death.

Don Beck's Spiral Dynamics and the subsequent works of Ken Wilbur and others explain how civilizations and individuals progress through stages of human consciousness. Nelson Mandela used the principles of Spiral Dynamics when he successfully assumed power in South Africa.

Spiral Dynamics is hard to explain in a few words so I'll post a link for those who are interested. Basically, socialism is at the lowest level of human consciousness. Capitalism is a few levels higher. The problem at each level is that they can be corrupted at the governmental level by a few people in the highest positions who are at levels above or below the general populace.

The bottom line is that capitalism can work well for nations with safeguards to protect the abuse of power and the security of the infirm who can't work. Socialism can only work at very small scales... villages or tribes.

eupedia.com

Spiral dynamics - the evolution of human cultures

@Maciamo

The Spiral Dynamics model conceptualises eight levels of increasingly complex human value systems (or vMemes) consisting of sets of world views, preferences, and purposes. Each level represents a new evolution in the way peop...

Link:www.eupedia.com/psychology/spiral_dyna...

It’s a public school teacher…more like “xe”

What market crash?

Minsky > Marx

Bolded text is among the more insightful things I've seen you post.