Was Marx right?

This is from my former Professor that is now teaching at James Madison University, Dr. Subrick. He is the one who actually sparked my interest in Economics with the great books he assigned. For if it wasn’t for him this blog would not exist.:

“As I was preparing for my history of economic thought course, I came across the following prediction from Karl Marx.  Marx claimed, as communism emerges from capitalism, a number reforms will take place.  The following caught my attention.

5. Centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.”

This is an interesting point he brings up. Are we moving towards Communism? From what I understand Marx thought that we needed Capitalism to move towards Communism.

Are we on F.A. Hayek’s “Road to Serfdom?”

In place of individual liberty, socialism offers security. It promises protection from personal economic necessities and restraints, and an equality of economic well being.”

Aren’t we socializing the destroying individual liberty by wishfully providing security? Isn’t that the exact job of the FDIC?

Dr. Subricks blog can be found here. It is called the “Stationary Bandit.” If anyone can name what that is, they get extra points.



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