Question

Why do Marxists think that Capitalism is in Crisis?

Answer 1

Marxists believe that due to capitalism, there is inequality & conflict in the society. They believe that capitalism is an unjust, unfair & exploitative system. Marxists think that Capitalism is in crisis because it is uncontrollable & inherently unstable system. It has resulted into periodic crises due to which huge number of people are thrown out of work & means of production were willingly destroyed. All this reflects that capitalism itself is incapable of mastering the productive forces that it has created on its own. Also, capitalism has promoted the growth of monopoly which resulted into huge inequalities in wealth, which will eventually lead to its collapse & replacement by a socialist form of society. Also, capitalism has resulted in to economic crises at times, which shows that free market is a dysfunctional basis for economic life. Apart from this the condition of working class in industrial countries is dreadful, also, the agricultural & handicraft workers had to move from their land into cities & had to work in factories. They have to work in exploitative & worsening conditions in the factories, that too for long hours at almost wages near starvation wages. These workers include women & even young children. So, capitalism has lead to rise of such conditions in the society. All these negative conditions will force the people to replace capitalism with the better alternative that is available. A system in which ownership of means of production is in the hands of the people who operate them. A better alternative to capitalism is possible, also, society and economy should not be ruled by the hostile and restricted mechanism of the market. There is better alternative available to capitalism in which goods and services can be distributed in the society according to need rather than the ability to pay & in which people of the society will contribute their labor to produce these goods and services willingly and not only because they are paid to do so. Socialism will promote a planned economy that will work in the interests of the community & especially, the working class. An economy that will work for the good of all rather than for the profits of few people.