that over the most dangerous man in Europe is about to arrive on britain's
shores
the mom
is breaching the sewing century he's been forced out of his native country
the duh
%uh only liberal Britain will tolerate his presence on has soil
the heads to London to live in exile
the new year is 1849 good
but today that man's rising for still dangerous all
the same radical so revolutionary they continue to divide the world
0
it's been more than a hundred and fifty years since he started writing about the
wild
been a long looking for an explanation in the global economic crisis
he's a surprisingly good place to start them
with everything going so wrong you have to wonder
Comox turning out to be right
most people know mark's as the father of communism
you might be surprised to hear that most of what he bred
about capitalism
today his ideas about that are being taken seriously right to the heart of
global business
his analysis was pretty on the button and
explains a lot I think about some the things that we see going on around in
our economy today
for marks the best argument against capitalism was that it was inherently
unfair
his ideas on inequality have already intense than ever today
what March the do
each to install the dish change of urgency
siege cannot go on forever
the way day on
in this series I'll tell you about the lives and revolutionary
thinking a 3 extraordinary man John Maynard Keynes
Friedrich Hayek and call marks
their worlds with changing as never before base or that the basic nations
would hang on the power of money
made radically different ideas about how to control room
today the stakes could hardly be higher
all three of these men would Giants his ideas live on
but this thing to us right now because they more than anyone recognize the
double-edged power money how markets could transform
all our lives but also plunges into chaos
Keynes and Hayek argued about whether government
should try to contain this forces human nature
capitalism Karl Marx had the most radical and by civil
get rid of it
on
the
the new on
I am dialed
in 1989 Karl Marx's reputation
lay in ruins
ones
the most diverse the fall of the Berlin Wall meant the end of March
millions rejected the horace a violent and repressive police dept
because the communist countries claim marks as their inspiration
his ideas were cast aside as well
when this wall came down I was studying economics at University
back then we knew we thought we knew two things about marxism
communism one was it hand-delivered freedom for the workers
quite the opposite mailer just as bad a to an economist
to hand deliver prosperity the communist approach to the economy
just had worked
well the free market West great strides the communist
planned economies had been left behind
marks his reputation as an economist wasn't rents
in the last few years something strange is happened
like the global financial crisis has brought call maltz back from the dead
I still don't care what he said about communism but people are going back to
his damning assessment of capitalism
all its deep-seated floors the nagging doubt
is it all now coming true
when times were good marks was nowhere but now the Western economies are in
crisis
he's attracting new interest right at the heart of the economic establishment
from a former IMF chief economist
marks is right on a number of dimensions
mom he's certainly is right
that income inequality can be a source
of tremendous tension to the man who sold the 2008 crisis coming
yet this dude that there there a situation in which chair
capitalism and globalization can lead that
tool economic crisis
and an economist at one of the world's leading banks
it's quite hard to convince people who live in Chelsea or chills wit that this
system
great relevance to them but actually I am it's worth a bash
anyone in Chelsea 0 chance that he thinks marks is only about communism
is in for a shock it's what he said about capitalism
that ring so true today them
mosque inside was capitalism was inherently unstable
he said we lurch from crisis to crisis
and society will become increasingly unequal
marks divided the world into bosses and workers
but name they would always be adults
is a recipe for crises
to make profits bosses squeeeeze what they pay workers
the crisis comes plant workers then don't have enough money to buy
what bosses are trying to sell them for decades after world war two
look completely wrong be a New Years Eve stable growth
and the workers with his laundry largest share the
time but not anymore
much would explain this crisis in terms of the fact that
ordinary people haven't done enough money to spend why haven't they got
enough money to spend
because it's been a big redistribution over the last few decades
away from only people towards
capital toward wealth are the marks
there's no turning back he thought there were laws admission running through
human history
capitalism would produce bigger and bigger crises
men collapse
many believe that the polls driving us to this final collapse
the same one that built our world in the first place
the power money
marks had a very simple formulation about crises which is it there
%ah manifestations a fundamental flaws
will contradictions as he called them capitalism how would mark sieve
suggested solving the crisis is such course
by abolishing capitalism
it's capitalism living on borrowed time the mall
yeah
well
sometimes doesn't feel that far-fetched
are all
years while I've been thinking more about Mark's discussed
last few years has it felt like an ordinary recession it hasn't felt like a
crisis for one economy offer
a group with economies in the West at times at me
has felt like a crisis for the system for capitalism as we know it
you want a bigger explanation and no one's
ever had a bigger explanation for everything that's happened
then call marks on
capitalism's most implacable
critic was born in the picture postcard town
3n in what is now southwest Germany
the today his birthplace makes its own contribution to the local economy
it's a big draw for tourists
buddy still a lot of people coming here tourists
yeah around the world warehouse more than 40,000 tourists here
and
and 25 percent for and came from China
calls from them come from come from China health
yea marx's yeah birthplace and what they buy what they like July
tour rates are collapse become our supply I miss you get some not so much
and know why run amok father
finalist modern you had a 1-yard nearby
Julia anything a come up with money selling all this stuff the capitalist
having this shop
crack to author in and did enjoy it
cost I'm had a good humor to
hun
the man with the big theory about our world had big dreams
right from the start when he was 17
more time to write an essay about picking the right career
he said the best position in life was to serve
all of mankind say your deed would live on
perpetually at work and over your ashes will be shed
the whole tears have noble people 10 with that young man
on the ground young man be surprised to hear that his first home have been
turned into a museum
problem
but for all its ambitions marks was hardly a model student
when he was at University in Berlin he earned a reputation
as a radical thinker on marks comes across as a
a young man is this have energetic
fari hairy figure out here he was known as the wild ball
all the more which the points to his to live on time
complex he was full of ideas he was for love debate he liked
big drinking sessions and then deep philosophical debate about
the nature Christ and German Romanticism
and politics
by the time he was 24 doctor marks
was a believer in a salesman is an expert in law
philosophy you name it but the only thing you didn't know much about
was economics
old that all changed in
1842 marks by now working as a journalist
heard about the controversy in this would that would help shape his
understanding of how the world works
on
patents taking sticks from the forest floor to use as firewood
being prosecuted for bet would have been gathered here for centuries but now the
land owners had declared
it belonged to them I'm
what had been freely shared was now
private property
say that thinking about this question turned marks into an economist
but I will recapture he came to think but economics the nature
economic relationships between p with the heart
up absolutely everything
the foundations have marxist thinking once was materialism
that when you cutaway religion ideology
politics at its root word material relations
between him and the need for for you the need to have a roof over your
head this is what ultimately drive so much for human
interaction moshe unique
in March she didn't she economy just
as a special each via she shot
economy ish the stock trading to bring sheeple
over the entire Xiao Shu the valley
for Mark's it all begins with private property
which divides the world starkly there are those that have it
and those that don't
take his word before it became private property
I could do I like with I could heat my house with it I could make a chair
and exchange it for food but also someone else
the whole relationship changes now marks would say
I become a member the proletariat now I have to work for the end of the woods
the capitalist for away each then he can so what I've made
for more than he paid me look what happened something that was part of my
life
is now a financial transaction capitalists made profit
you can use that to buy more would build factories make more profit
and so it goes on profit is now the heart in everything
0 meaning
wall you have it
the Marxian view of capitalism all just a bit anyway
if you want more you'll have to wade through hundreds of pages marks for
yourself
the key point for us is that driving force of capitalism the meter
more more profit remarks thought that was also a recipe for constant crises
so marks would say you could
trace the roots of the crisis we're in today right to the very heart of
capitalism
to its need to generate profit
but we're also seeing in triana was a world in flux
feudalism was on the way out an entirely new way of doing things for the ride
now we know what capitalism's really made of
the power money today means a lot more than just
throwing a few peasants in jail a buncha guys in a trading floor can turn into
our economy upside down
around the world all our lives
depends all markets on capitalism being able to deliver
if Moses right it is fundamentally flawed
well but the really big problem we might see a complex modern economy
with all of us have a stake in mark this would say
same ol
still apply but then who owns what
still means everything they see workers
still slaving away
and capitalists mothballs was eat still exploiting them
always driving make more profit marxist world
any cap is the BBC maximum profit is soon replaced by
one dust said the system
follows a completely predictable calls peaks a
to its own destruction
it's not an idea that many people except
did he was completely wrong
including the ideas the capitalism was merely a phase
and contained within to see dividend destruction
that's not the case well everything is bound to collapse
we long enough for me in your splendid you know sucked into the Sun
some heat no he be forgiven for thinking that
table collapse capitalism sounds a little implausible
happy seeking profit be sent disastrous when it's done such amazing things
just look at how we peeked under capitalism
to get fresh fruit flown in from all over the world
we can choose from seven hundred times and breakfast cereal
we have enough a bit and it's all safe to eat
this incredible 20 and the technology it depends on
didn't come from the state it's what happens when you let
capitalists compete for profit
they didn't do it for our benefit they did it because it made him rich
sec first glance marx's idea that capitalism search for profit would be
its downfall
sounds absurd profit mail to sign venal email Tucson wrong but it is what pushes
progress ahead
profit is actually what drives the world forward and that's what marks
could never quite handle the profit motive is essential
I'm after all what is the profit measures just away
of all the cheating a better society
by people wanting to better their own individual
locked
when you think about fundamentally the profit motive is shaped in
reached our world it's no wonder marks fell out of favor
do be shouldn't dismiss doctor martz quite get
miss true he talked a lot about class exploitation misery
chaos but he didn't think capitalism was all bad
far from it this cocktail bar in London Soho
hides a revolutionary past
used to be the red line and pop cited the clandestine meeting of communist in
1847
that would echo down the ages
it was at that meeting that they commission Karl Marx and his sidekick
Friedrich angles too bright one of the most incendiary pamphlets a full-time
the Communist Manifesto
summer this you probably know
the famous opening line a specter is haunting Europe
and of course the end about the workers having nothing to lose but their chains
they have a world to win working men love
all countries unite capital letters but
what you probably don't know I find most interesting
is what's in the middle one of the most perceptive
admiring bit surprising about capitalism
and red fact it reads a lot
true and now the when it was written
thing was surprising blocks is writing is that you find
in amongst the communism a loss if good analysis of capitalism
and that she also find within it am
color praise for capitalism matches attitude towards capitalism
each basically ambiguous fuchsia did think
time he was amish get much will to fashion a jerk he was fully aware that
the huge
the most productive day Namiki spinning the history of humanity and Shalom
the truth is marked did understand that the drive for profit would achieve
incredible
things it has been the first to show what man's activity can bring about
it's accomplished wonders far surpassing Egyptian pyramids
Roman at could not send Gothic cathedrals it is conducted expeditions
that put in the shade
all former exodus is a nations and Crusades
he didn't really get the current global aspect he got the idea
word people will suddenly be able to get things small the way around the world
in a completely new way in the impact needed
pension the expanding market for its products chases the balls was the
over the whole surface at the Glen it with Nestle everywhere
settle everywhere established connections
everywhere it creates a world
after its own image but you know there's got to be a downside for the boys onesie
modern balls Law Society
is like the sorcerer who's no longer able to control the powers have been in
the world
BB is called up by his spells with the boys onesie
therefore produces a bomb vol is its own
grave diggers it the and the victory in the proletariat
are equally inevitable
mmm
ok
it's tearing stuff but it does raise a bit of a puzzle cut marks
think the capitalists the Bulls lousy so brilliant
and yet so dooms well for him it all came down to the way they treat their
staff
the
to understand boxes analysis of crises we have to first understand the
capitalism that he knew
nineteenth century capitalists might have built wonders surpassing Egyptian
pyramids
but they also forced and workers to enjoy
terrible conditions and pay the
the industrial revolution and all the incredible achievements that followed
were made possible by coal miners
this is a replica to like it but too often it on the ground
the man you can see it aside and a pick and shovel and it worked the cold
Phil cough and then his wife at Ajanta
toll Miranda to load in part which will put me up to 30 kilometers away
didn't realize that there with her husband moesha how it little fun miss
the need the need that little by little girl to work the store as well
to be he took the job he had to some provide small child
30 the only light there between them work under which that kept
say cuz he wouldn't go for it so the little boy or girl
sucked on the real in that that the 12 hours a day
it is
difficult team overstate the horror all
industrialization in Europe in 1829
Liverpool for example life expectancy at birth was about twenty eight years
and that was the lowest age since the Black Death
so the impact of the Industrial Revolution
on life chances will absolutely terrifying
on
by 1849 his revolutionary writings it got marks band from everywhere but
britain
home
phiri could observe the power money had to ruin lives
a suitably safe distance course I think in the last few minutes
come closer to what it was actually like
drudgery a Victorian times the Comox images
he never went to a mind and as far as we can tell me any went to a factory once
towards the end of his life wouldn't stop in writing
vividly about the horrors a Britain's dark satanic mills
the horrors a Victorian working conditions clearly shaped
marx's economics
in his time minimum pay for proles meant maximum profits for bosses
and any bosses who did choose to pay more usually went bust
he sought to lose be downward pressure on wages and wages would
come down to the minimum that enabled their survival they couldn't go lower
than that of 12 workers with time but he thought to be depressed down to that man
the reality of course has been the opposite it has been a continual
advancement in wages year in and year out decade in
decade count
marks was wrong he thought it would all get so bad
the workers would overthrow the system
yet even as he was writing reformers were beginning to get
redid the worst employment practices capitalism got kinda
not Nastya but the idea that the competing interests have bosses and
workers with pools
crises well that does seem relevant today
has a very sophisticated arguments I'm going to need children's stories
to explain let me see right at the start none of these toys and dolls
any kind of on a resolution now is mine
capitalist minds
with or without a hat now
margin that there aren't very many minds then
the mine and has to compete with the other capitalists
for workers probably end up having to chaim
moment liked it
trouble is those higher costs cut into profits
now that's happening across the economy you got declining way to profit
and a lot of capitalists going out of business the crisis
you get countless workers losing their jobs
having a terrible time until finally wages fall far enough
capless can go back to expose so
high labor costs a bad for business but what makes the collapse of capitalism
inevitable for Mark's
the bosses are in trouble even when they have things their own way
numbers in the opposite situation you got no need to workers
you love this not competing
for a single dome men well
May 13 smiling the capitalists any has to pay the workers
the bare minimum
his bucket bookmarks would have called the industrial reserve army of the
unemployed
its bombast full this not can keep paying
very low wages keep making profits text sent
in the end as a problem
badly paid workers don't spend very much and not very much spending in an economy
is not good for business you get another crisis more companies going bust
and this crisis it's going to be hard to fix
you see what marks not the capitalists were in trouble no matter what they do
they never want a pain has more money they always need to
make more profit but in seeking out profit Bhandup eroding the basis on
which it's made
gotten if you like where their money ultimately comes from
the punchline as a No marks capitalism
is deemed I'm
so that's how problems with wages can cause crises
at least in theory house any about relevant to right now
I'm a marxist would say that little parable with the toy
men tells you everything you need to know about the financial crisis just
seeing
but they'd say you can explain the last forty years have world history
entirely in terms of capitalism's desperate need
to have the advantages have a ready supply of cheap labor
but none other costs and you don't have to take my word for it
Huff
let's take a look at the last 20 years history through the prism
Marxist theories to show how they might explain the mess we're in
an imaginary marxist
Broadcasting Corporation would see it all is a good old 1970s style class
struggle
as usual the world's divided between workers
and capitalists always fighting to get a bigger slice of the pie
and the crisis happened martz's would argue
because the capitalist have been coming out on top that too often
the fight is over
wages happiness want to pay less the workers
want to get more in
seventies powerful trade unions battle to keep wages
mine
then we come to the AC's fight back
time for capitalists sheik
marks would have seen Margaret Thatcher and Ronald Reagan
as acting purely in the interests of the capitalist bosses
it was their governments that helped business
by getting rid of the obstacles that made it hard to cut wages
bombs intimidation we have seen
should never have happened it is the workers extremists
it is the enemy within if they do not report for work within 48 hours
they have forfeited their jobs and will be terminated
say for the marxist Broadcasting Corporation the capitalist one in the
1980s and I kept on winning
the guaranteed high wages and job security that workers had enjoyed until
the seventies
had gone the and downward pressure on wages
started to lay the seeds of the crisis we see today
but was great telly
is actually true well we know the masses few histories right about one thing
at least in Britain and America earnings at the very top have soared in the last
few years
and everyone else has been squeezed in Britain
real earnings have been flat or falling
the best part in 10 years since before the crisis
in america that's been happening since the seventies
ha and
United States a full-time male worker
median income has stagnated for third of a century
no increase household income today's the same it will
as it was fifteen years ago all the increase in the income has gone to the
top
the sharer are being common United States
that was going to the top part 1 percent of the households
twenty years ago was a rhonda
12 percent today that share
is closer to 23 percent
on things haven't gone that far the UK
but inequalities certainly creeping up the agenda
on said the greedy capitalists been picking the pockets of the workers
them
so what do I think all that money's been flowing to the top
mother think it's a big conspiracy but there have been
social and political changes but it made a difference
we used to have really big unions we used to have a very high tax rates
on rich people and we had social norms
just wasn't done for the people running a bank to take a huge chunk of the
profits for themselves
those things help keep a lid on in the Colisee we don't have them anymore
but really crucial to all of this the changing structure of our economy
big
a lot of it's down to new technology
part
work previously done by hand stand on by machines
fewer workers needed
there are more competing for every job meaning boxes can pay them less
up but perhaps the most significant factors globalization
up with calling barriers to trade around the world
global business has gained access to it giant new pool
cheaper labor do you have brought
into the market now millions and millions of new workers
in China in India in other parts of a sure
in parts of South America Brazil for instance
so that process has transformed
the capital labor ratio global scale
for example in analyst can
as well be sitting in the Philippines are removed by
I to do the job that is done and a much higher price
in New York
the haha many workers in the rich countries
and now competing with industrial reserve army
running into the billions
think emerging market economies they've been overwhelming vote in favor what has
happened
because almost everyone is better off than they were
would have been but that's less evident in the industrialized world
many lower pay people to become even lower-paid relative to
those opposed and that is a concern
two years after world war two we could be pretty sure marks was wrong
where you had capitalism it was working pretty well you could talk about rising
tides
lifting all boats you look at the global economy today
I think you see capitalism that marks would recognize
it's lifted hundreds of millions out of poverty in China
but the most ordinary people in the West the system is not working in small
for them capitalism's not coming through on its on the deal
it's an analysis that rings true even for the leader in the world
biggest economy long before the research
jobs in manufacturing began leaving our shores
technology make businesses more passion
but also made some jobs obsolete for the top saw their incomes rise like never
before but most hardworking Americans struggled would cost that we're growing
paychecks that weren't and personal debt but kept piling up
mile
for the yo
out
I'll marks would say this squeeze on wages
was the root cause the huge economic crisis that we've been living through
but you might see a problem
with the marxist explanation who's all down to low wages you'd expect the
crisis is started where people spend their pay
house in the real economy one way another that is how most in recession
since the war
got started but this time it was High Street sank the city
daily rounds the explosion that brought the global economy in 2008
was dixon et ses d inside the bank's
so how would mark slick
low wages to troubled banks the answer is
the store capital is endlessly adaptable it could solve one problem
low wages but only at the cost to creating another
the most
underestimate capitalism people was fundamentally flawed
didn't think it was stupid in low spots the population were being paid enough to
support demand
while he would have been at all surprised to hear the capitalist to come
up with a brilliant solution the credit card
with consumer credit
people carry on spending even if they haven't got the money
the economy stays afloat and the capitalist
still make that profit ok
some credit provided on city
always capitalism's worms but anything while
remember marks keep the system is fundamentally flawed
they might be very clear that these capitalists but now more than ever
they were living on borrowed time
should
as we know it went well beyond credit cards
would ultimately brought the crisis to a head with the billions borrowed on
mortgages
people thought the value of their house with keep going up for ever
housing credit is beautiful
because if your house prices increasing and you're boring
against the increase in value of your pulse you don't feel boring a week to
pick
but of course you are in america it happened on a massive scale
there as we know the capitalist was getting
richer and richer they could spend all their extra money
driven as ever by the desire to make more profit
they lent it out in riskier and risky aways
the name given to this lending might well be
familia subprime
the what we did
is as the incomes most Americans were stagnating or
Mar in declining we said don't let it bother you
keep spending as if your income was going up
and they did that very well I mean who would oppose it
the bank to making money a the house also getting there
their house the politicians who have happy constituents
mean there is no nobody was going to be unhappy in this process
until it collapses them
and we all know how it ended in retrospect
it seems obvious lending to people who couldn't afford it
on the lasting solution to anything it led to a housing bubble
which burst threatening some of the world's biggest banks
and thanks to our integrated world what started in the United States bread
an infected the entire system causing a global recession
so here's the marxist explanation for the crisis we've just seen
he got a global economy with business is getting better and better
as squeezing wages and pushing up profits but there's a problem
producing a lot of stuff the workers can no longer afford
and a lot of profits looking for a new home a global property bubble
provided an answer to both those problems the system was kept afloat
on a mountain debts it was only a matter of time
before it all came crashing down capitalism's
only ever a strong as its latest temporary fix
by
it's an extraordinary tale from a lot of people would say
it's completely wrong it
marxism doesn't actually work but it keeps coming back because it makes it
makes for a good story
identically wages paid any real it all in causing the crisis
the crisis was caused by governments and central banks flooding the market with
cheap credit and cheap money
because politicians don't like downturn in the economy
throws people at work I think it may have it to some degree
have to increase the level of indebtedness that people went into
the crisis with which I think intense on its how deep the crisis became
but it wasn't the underlying calls it's a contest to fund to which made it worse
home
but the idea that low wages may have contributed to the crisis
is gaining ground even if the name marks
is as toxic as ever on
George Magnus is a senior economic adviser
to one of the world's leading banks even writing quite a lot about mark since
this crisis
started how did you come to look at him again achieve it was on this trading
floor
the it was probably the weekend before LeMans when
lost and its normally
a little bit noisy but at the time it was you could hear a pin drop it was
that deathly quiet and
I could almost feel you know about global systems
frozen I'm and it was quite a scary thought
it took me back to a lot of the things I used to read about him study when I was
much younger
the days when I actually read Marx fun
and you wrote about that and what was the reaction I did get a lot of hate
mail app say
there are a lot of people who work quite opposed to the idea
at that anything that was socialistic marxist year could be
at all considered serious in the mainstream I love this
hate my life to say came from the United States and I was accused of being
you know Obama clone and President Obama the well no sorry this is what the
models
very mysterious forces so there was a lot of negative reaction from
I think people probably predictably I am you know
had already tied their own ideological colors to the malls
but the people who do find value in Mark's aren't necessarily gonna follow
him all the way
I think marks helps and framing the problem but I think the solutions
have
to be different given the different in mind
except marks would insist the trap is inescapable
cap this must seek profit above all else although can add a business
so why would they have a choose to give workers a bigger share of the pie
marks Woodside is that we have to look for ways
how to this crisis which look beyond
the restoration have kept this class power
I think this is a time when we actually need to start thinking about the
revolutionary solution again but who exactly is revolting against who
marks divided the world neatly into workers capitalists
but today his start distinction is incredibly blood
bosses work for themselves a workers oppose shares
in our modern world another birds do you have a stake in the system
but the mobile phones all pension plans to stave off boredom of
revolt
but what about the people capitalism failing his moms have to say to them
pretty amazing how well mark seems to understand our world
where we more interconnected than you could ever have imagined where all the
faces of capitalism
good and bad and now on display in pretty much every corner of the globe
but he was the one who famously said it wasn't enough
to interpret the world the point was to change it
fuel skin what exactly was supposed to replace capitalism with
when he had remarkably little to say about that
as mark vented his final years be seen quite content with the way things work
he'd been pool for a lot of his life but by 1856
get enough money to move to London suburbs
the young firebrand now looked like
part of the establishment he would spend his day
walking around Hampstead Heath he would bar about personal finances
bar about his his daughters and expensive piano lessons I mean he
he lived a a remarkably Busch wildlife in
in in many ways
in his later years most will mean world authority on the revolution
but he didn't seem to be in a hurry to make it happen young hottie did
socialists from around the world would come to North London to pay their
respects
when his support mister n seemed happy to watch
I'm wait
marks only really had contempt
for terrorists those who were seeking to false Ford political progress by
having changed through through all the tree violence
you needed the economic fundamentals in place
for a proper revolution to succeed
to understand why he didn't want to rush revolution we need to understand
the last time I promise a bit more Marxist theory
as usual he had a grand analysis but the history of the world
he sold a great sweet the humanities endeavors from the caveman
to the slave societies and Greece and Rome
to feudalism kings and castles
all of which was replaced in turn by RM capitalist system
bosses and workers incredibly unfair
but also incredibly productions
said any but we've got everything we could out of capitalism to be afford to
have a revolution
in his words the now love capitalist
private property sounds the x-pro creators are expropriated
all to be replaced by
more or less not
irritate
is next to know you alternative laid out
March basically was not the one pushing be given gave us the blueprint you in a
five stages
after capital Asian communities each you have the basic guidelines what to do and
show 1
no no each up to ask you just opened up
defeat the new is there an alternative to capitalism
have no idea blisters communal councils as dead silence starvation
home who will the end the world or the I simply have no idea
if there is little to doesn't doesn't occur to you to be in pain
important sizing israel also due to weather
I'm
also we couldn't describe what the next stage if you develop
would look like any more than a feudal serf could have described our lives
today
to it you might say fair enough except you might also think it was pretty
telling
after all nobody else has been able to describe a convincing alternative to
capitalism either
I think he would have written
lot more had he lived ten years more home
watery Socialist Republic would look like
and who knows but that might have saved the world a lot
bopper
without it blueprint we all know what happened next
there weren't any revolution rich developed countries
marked predicted
stead it happened in one of the world's poorest nations
soviet russia may have left marks far behind but it was an attempt to try
something else
many have drawn lessons from its face
the truth is at the moment there a different forms of capitalism
but on the big argument about whether you really want to have
a communist system or caplets one that is pretty much one
everywhere I think there are more humane
versions of capitalism all mobile that by Barrick forms a capitalism
arm but I don't think this a systemic alternative to capitalism
will there ever be yes I would think so I mean
you know nothing is forever absolutely nothing
and cap capitalism is not forever
but anyone looking for a fairer alternative knows they can't ever repeat
what happened East the Berlin Wall dictatorship
political oppression and millions a ruined lives
from nineteen forty-five until 1989 this was the main Remand Centre for political
prisoners
in communist East Germany today it's been turned into a memorial
civil suspicion Angelucci
who have no the with you she's guilty
it's possible that places like this explain why even capitalism's
toughest critics today seldom talk seriously about
replaced it
you can she beat all these protests in Europe Greece
and so on and wash in Spain in Greece
asking call was the same question okay more
do you want apart from some purely moderately speak on such
I didn't get any group completes proposed as you know and such like
all money should just be booed not people should have been money
may go to keep that in everyone with fifth-degree Swedish
I'm sure he would have thought the with this implosion
banking system harder happens is in the United States
United Kingdom and so on there would be a huge
the rush the two
marxism in extreme solutions that has really happened
a his same
quite surprising and the peace
memories at this place do fade could there ever be an alternative to
capitalism
ship what happened here be a lesson for all time
if someone wants you couldn't miss you too
capitalism
saying by seeking missiles into but capitalism
whose basis rather than
fact life and saying whoops
resist human nature can people said fundamentally the revealing themselves
as utopian
and the problem with utopia is the communion be approached across the sea
of blood
and you never arrive this is my big mantra
when we left each and accused of utopias maybe but
the only real utopia is to think that week
jumpers make the change fynch can go on indefinitely
the way they are now
here Lori
world
a marks died in 1883
in a speech in his grave his longtime friend and collaborator Friedrich Engels
declared
his name in work well in G or through the ages
here
for most of the 20th century his name did angel
they usually for all the wrong reasons
but now it's the 21st century welcome is long dead
prussian really say to us but
fundamentally
I think Mark's reminds us that capitalism
doesn't work for everyone it might not work at all
when you look at what's happening the pressure on wages
can you understand why people are so the looking again at
at some Marx's analysis yes
the big picture I'm the workers versus
the capitalists and there's no doubt that there have been
significant changes in inequality
and in the distribution income which make you pause about the benefits
the developments all outputs and prosperity that was seen
I don't think you can afford to believe that the benefits of a market economy in
bringing prosperity will be there
unless there is a collective commitment to keep the system going in that does
require people to believe
that everyone will benefit in the end I think some other
the ugliness of capitalism that he saw
E and the 19th century seems to be you
a reappearing in the twentieth in 21st in
in a way we have to the keep our are are
perspective on this health conditions are much better
living standards are are starting from a higher level
by it is still the case
there
things are the way they ought to be
and they're not moving in where they should be
but let's face it marks wasn't just talking about tweaking the system
he had a much grander claim the mat demoss change the world
call seeded after that funeral people did week
hot tea is a disgrace justices seventeen year old self would have wanted
probably many more live took persons name but there's no getting around it
capitalism's still here marks was right to see capitalism is inherently unstable
and often on fair Keynes and Hayek saw that too
but marks was the first unlike then
he didn't think we should find a way to live with it
he said capitalism would bounce back from crises and reinvent itself
but in the end a compelling alternative would appear
and capitalism would collapse
for all that rings true now in Mark's combat
he seems to have been dead wrong maybe did underestimate
capitalism to suddenly overestimated the opposition to it
I think the system needs to reinvent itself now
again the compo mass of we'll be talking even less about Mark's
a century from now but the last few years
have left capitalism with clinton's approved
15 universities produce 61 min animations to explain some other key
economic ideas that affect all of us
said he want to learn how to spot an invisible hand
for other secret to economics go to BBC .co .uk slash masters have money
and for the link to the Open University
make this evening here on BB txt they would have paid
nevermind the Buzzcocks