Discuss Karl Marx's prediction that capitalism carries the seeds of its own destruction. What are the five ways in which Marx said this would happen?

Question

What will be an ideal response?

Answer 1

Feedback: (1) Marx hypothesized that free enterprise would result in some firms becoming bigger and bigger as they eliminate their opposition or absorb smaller competing firms, ultimately resulting in a monopoly in each of the various sectors of the economy. Capitalism also (2) encourages financial crises because the lack of central planning results in the overproduction of some goods and the underproduction of others; (3) encourages mass production for expansion and profits, resulting in a social class, the proletariat (or working class) with the goal of equalizing the distribution of profits; (4) demands the introduction of labor-saving machinery, which forces unemployment and a more hostile proletariat; and (5) will control the state, so the state passes laws favoring the wealthy and incurring the further wrath of the proletariat. The result is class consciousness among the proletariat, leading to class conflict, and the overthrow of this economic system.