[Marxism] Another ill-informed article invoking Karl Marx

Ganesh Trichur gtrichur11 at hotmail.com
Thu Sep 8 00:55:08 MDT 2011

"Capitalism has been described as a process of creative destruction, and no-one can deny that it has been prodigiously productive. ...The trouble is that among the things that have been destroyed in the process is the way of life on which capitalism in the past depended.... It's capitalism that 
has killed off the bourgeoisie." (J. Gray: http://www.bbc.co.uk/news/magazine-14764357:"A Point of View: The revolution of capitalism"
Gray's analysis actually seems more Schumpeterian than anything else. Schumpeter (1942) argued that while Marx's vision -- the end of capitalism -- was correct, Marx's means of explaining that end was flawed. The creative destruction that is the fount of capitalism will bring the system to an end, for Schumpeter, because capitalism destroys all its pre-capitalist foundations. 
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