25 ms·
You say that the modern economic system as it runs has large oscillations and busts, and you are perturbed that Marxists say "I told you so" when a bust happens
by CleanedStar 14y ago
You say that the modern economic system as it runs has large oscillations and busts, and you are perturbed that Marxists say "I told you so" when a bust happens. But US mainstream economists through the twentieth century did not say that the economy came with large oscillations and busts. How many US economists even in the late 1990s said that the economy would run into big busts in the future? The people who predict correctly are marginalized by a media controlled by capital, and the Jim Cramers of the world are free to continue their panglossian bromides and predictions, no matter how often they turn up false.
Five hundred years ago, the HN class equivalents would be clergy and lower (and some upper) nobles. The majority of people would be praising feudalism, saying that feudalism was common sense etc. Now we are five centuries later, in a different economic system, and the majority of people here praise the economic system they are in as the best one, saying it makes sense etc. In 1935, the intelligentsia in the USSR praised their economic system, said it was common sense etc. - why shouldn't they have? The western world was in a depression while their economy went full steam ahead. Despite the world having seen four economic systems (hunting-gathering, slavery, feudalism, capitalism), and the sparks of a possible fifth one (socialism), it's not surprising that the majority of people under the current economic system see it as being, unlike its three predecessors, as permanent, lasting forever, as being common sense etc. The majority of people felt the same way about serfdom centuries ago. Many felt this way even one century ago, when most of Europe was run by kings.
- jacques_chester 14y agoMarxists are not the only ones saying "I told you so", is my larger point. Every Hedgehog casts the events in the world in terms of their unifying theory of everything.