Though the Anglo-American economy model is capable of creating many jobs, the quality of those jobs are no longer what they were before market globalization. With many jobs overseas, wages in the US are lower than it was before NAFTA. I believe the American Dream is not achievable for a majority of the people in this country, especially now that Corporate Capitalism is in control. (Harper & Leicht, 2011,p127) In the initial days of commodity economics theories, Marx was right when he said that Capitalist societies would move from selling products to their labor being sold as products. Most people believe Marx was against a free market, that’s not true. He predicted that capitalism through industrialization had increased the productive capability of the world's economy far beyond that ever witnessed before. He also felt that capitalism created two competing classes of people. One, was the bourgeoisie who owned and controlled the means of production and hired wage laborers. The other was the proletariat, who were common workers who owned nothing but the right to sell their own labor. Capitalism's very nature would ensure that eventually, these classes would struggle against one another to the point where the class of workers would get large enough and oppressed enough that it would overthrow the bourgeoisie, seize the means of production from it and end the economic system known as capitalism. The system of socialism would be ushered in.
One of the things Marx spoke about is a slave wage. Those in control would pay workers just enough to keep them happy enough not to revolt against the system. But as the text suggests, the people at the top would be a small percentage controlling the wealth, the disappearance of the middle class would happen, and more and more people would be in poverty. Was Marx prophetic? I think so. Most everyone I know cannot even afford health care, struggles to pay for education, and housing. And what really drives it home for me is his prediction where Capitalism would end up. “Capitalism's crises never affect only the billionaires and Wall Street traders. In fact in 2001, despite the world economic downturn, the number of millionaires still increased by 3%! The 'masters of the universe' may suffer a bit of a hangover as a result of their decade-long Wall Street party, but it is working people and the poor who will really feel the consequences.” (SocialAlternative.Org) Does this sound familiar?
One of the things Marx spoke about is a slave wage. Those in control would pay workers just enough to keep them happy enough not to revolt against the system. But as the text suggests, the people at the top would be a small percentage controlling the wealth, the disappearance of the middle class would happen, and more and more people would be in poverty. Was Marx prophetic? I think so. Most everyone I know cannot even afford health care, struggles to pay for education, and housing. And what really drives it home for me is his prediction where Capitalism would end up. “Capitalism's crises never affect only the billionaires and Wall Street traders. In fact in 2001, despite the world economic downturn, the number of millionaires still increased by 3%! The 'masters of the universe' may suffer a bit of a hangover as a result of their decade-long Wall Street party, but it is working people and the poor who will really feel the consequences.” (SocialAlternative.Org) Does this sound familiar?
The American economy model is responsible for the need to bail out those at the top for it to continue to work. I feel Capitalism in the last stages is nothing more than a Ponzi scheme. It has to keep investing from the bottom to make the system work. The problem with that is, when there is no one (a middle class) to finance the economic system and the rich do not have to pay taxes on a hope wealth will trickle down, Marx’s prediction will happen; socialism. (Harper & Leicht, 2011, p.126)The workers will revolt against the system and socialism will be ushered in. We are seeing revolutions and revolts happening in other countries now. The U.S. has fallen from being number one in the world economically to somewhere near 15th. Sweden holds the #1 place as the most economically healthy in the world. And they are a European model of political economy.
The text states, “The disadvantages of the European model are well-known: powerful governments, large bureaucracies, higher taxes, and sometimes an inclination for authoritarian “solutions” in hard times.” But when asking who gets left out or who is at the bottom of the barrel for any services needed, no one is. Everyone has health care, assistance with housing, and just about anything else they may need. Higher education is inexpensive if not free. The rich are taxed accordingly. My belief is there is no perfect economical system. Communism has never happened because it is too Utopian. Capitalism leads to Fascism with corporations and banks controlling the profits. Socialism has a better chance of sustainability.
So if I have to choose one of the two listed models, I would choose the European Model. It has a better chance of sustainability longer than the American Model. Frankly I have to hand it to Marx, because I see what he predicted happening right in front of our eyes.
References
Marx was right. SocialAlternative.Org. Retrieved November 17, 2011 from http://www.socialistalternative.org/literature/s21/ch4.html
Ph.D., Charles L. Harper and Kevin T. Leicht (). Exploring Social Change: America and the World [6] (VitalSource Bookshelf), Retrieved on November 17, 2011 from http://online.vitalsource.com/books/9780558980436/id/pg52
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