Political Economy is Depressing

I don’t want to turn the overall tone of this blog more conservative, especially as I’m detecting a slow but certain leftward trend in my political views, but I’m afraid this is going to be another conservative post. This is not, however, an anti-Occupy-Wall-Street post, just an anti-Marxism one.

Partly due to Occupy Wall Street, I was reading some Marxist theory-distilled, condensed, simplified, etc, but in book form, and it seems to cover the basics- and it’s really startling to see how so many of the arguments have remained essentially unchanged. Post-scarcity economics has always been a contradiction in terms but at least it is something that can be considered in a science-fictional setting; however, a similar optimism about the abundance of the industrial age and the bounty of the coming era seems to me to be woven into much of Marxist theory.

The basic idea that wealth becomes ever more concentrated and that this is the inevitable product of the system and so on is something that I have a certain amount of sympathy with, but on the other hand, the clear failure of Marx‘s theory that wages will always be pushed down to subsistence levels and that productivity gains will always be captured by capital and not labour do not seem to be sufficiently impressed in the minds of those who continue to call themselves Marxists. Even more, the simple fact that Marx’s theory of human nature- human nature having always been the largest and most obvious impediment to the success of practically every alternative to plain old capitalism that has ever been suggested or implemented- was wrong doesn’t seem to be fazing anyone in the slightest. Clearly, though, the less-than-necessarily-pliant selfishness of man is a fact that most people grow up to accept (I have always thought this rather than a decreasing sympathy for unfortunates was at the core of that old joke: “if you’re not a socialist before 20, you have no heart; if you are a socialist after 20, you have no head.”)

This, then, is why the “why don’t these people have any actual demands?” question is worth asking, all rhetoric about pushing “the idea” and “maintaining unity” and “not allowing ourselves to be boxed in” aside. (I feel fairly comfortable calling it rhetoric because after all the focus on rhetoric is precisely what “momentum” and “the idea” are all about.) I can accept their premises in the narrowest sense: inequality is widening, and this is bad. I can’t accept their details because the details vary with every telling*, and I can’t accept their solutions because there aren’t any**. Capitalism-as-she-is-practised may well be a system nobody wants, but neither an alternative workable system nor a feasible transition to it (the bigger hurdle, in my opinion) seem to be on offer.

PS: This isn’t to say there’s nowhere to go from here, of course. The system could use more than a few tweaks, and a fair bit of re-shaping. It’s not going to change it’s essential incentive-based structure, that’s all.

PS2: And, of course, burning books is bad.

* I mean, of course crony capitalism is bad, of course banks shouldn’t be given bailouts and then turn around and hand their executives huge bonuses, of course we should avoid moral hazards and try for a more stable, better balanced financial system- but yet again, these aren’t details, those are practically tautologies!

**Some solutions that have been proposed by some people, like a well-targeted debt jubilee, I actually think make sense. (I will, however, wager a small sum of money that no broad-based debt jubilee will happen in the United States for the next 5 years.) The same goes for a reasonable tax increase, although I have a better sense for the numbers than to suggest that it can be restricted to the top 1% and still be sufficient to reduce the deficit.

Ooh, and here’s an inkling of the sort of crap I’m talking about.


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