Reply #26: Marx's critique does not take into account globalization to any serious extent... [View All]

[joshcryer]

...and this piece itself fails to recognize the role globalization plays. While wages have been stagnant in the developed world for the most part, the developed world has enjoyed a relative level of luxury that overall wages represent. Wages stopped going up 40 or so years ago, energy use leveled off 40 or so years ago (following population and inflation trends), per-capita energy use dropped as efficiency standards kicked in.

Meanwhile globally capitalism goes on its merry way, world GDP grows at about 5% a year, and the income gap between developed and non-developed world is tightening quickly. Marx's predictions have fallen quite short of representing reality. They might have some resemblance to a single capitalist economy, but that's as far as it goes.