In light of this project I believe Marx’s theories do sustain a degree of relevance to the 2008 financial crises. This being said as there is clear evidence of his theories corresponding to reality, with much controversy surrounding them. The most notable theory in my opinion that resulted in the financial crises is Surplus Value; the common exploitation of Workers by Capitalists is an inherent feature of Capitalism in the drive to secure profits and power, hence I believe this to be the “fundamental flaw of Capitalism”, inflicting “inevitable booms and busts”. Evidence of US productivity levels increasing by 83% over 34 years, while Real wages only rising by 5%, reinforces my point. As well as the constant drive to meet productive efficiency to secure maximum profit by Workers. However, I am aware of the counter arguments which clearly distort Marx’s relevance to modern day Capitalism, although personally I believe Marx was aware that Capitalism was going to evolve. Most notably because of the fundamental flaws it was going encounter, which essentially depicts the evolvement of Capitalism under the influence of its own faults. Therefore, if this is the case Marxist ideologies may have manifested themselves within the fundamental, physical and mental framework of the system, which if this is the case begs the question as to how long the Capitalist economy can last?
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