Daily Times

Recently the London based weekly magazine, the Economist, initiated a debate and conducted an analysis on the theories propounded by different economists and philosophers as well as social reformers who were influential in the course of history. These social reformists and philosophers included John Stuart Mill, John Maynard Keynes, Rousseau, Nietzsche and many other eminent thinkers.

The series of debates ended with the critical analysis of Karl Marx’s theory. His theory shed’s light on the exploitation of the capitalist system where profit is the ultimate objective of entrepreneurs. Marx issued a warning to the entire world that in case the capitalist system only focuses on profits at the expense of welfare policies, then in such a society the revolt by common masses cannot be ruled out.

Even Rousseau and Nietzsche shared similar views and both of them severely criticised the economic structure based on liberalisation policies and capitalism. Marx was not only a philosopher but he was also a social reformist who expressed his resentment of the capitalistic system, which is based on the exploitation of the masses. Moreover, Marxism is still relevant today when we witness regimes being toppled by the common man.

The Economist severely criticised Marxist theory by highlighting that the capitalistic system promotes free market principles where free flow of goods and services take place. Policies based on liberalisation, free markets and political economy are based on democratic principles that ultimately bring prosperity; which in turn leads to an increase in national income entails advancement in science and technology. However, such development is always at risk where the entire economic structure has a trickle down effect that engenders exploitation, inequality and a wide disparity of income between the rich and the poor.

Marx and Frederick Engels in the ‘Communist Manifesto’ appreciated the effects heralded by capitalism in the form of industrial revolution, new discoveries and inventions. The theory of Marxism itself supports the fact that without advancement in science and technology, the objectives of socialism cannot be realised.

Furthermore, Marxist theory elaborates that social stagnation can be brought to an end by the struggle of the proletariat and if major changes have to be brought in the political and economic system then social revolution by the people is essential. It is only through the socialist revolution that the upheaval of despotic regimes takes place; hence it is necessary to understand that prevailing injustices jolt the struggling classes, making them aware of their deteriorating conditions.

Marxist theory elaborates that social stagnation can be brought to an end by the struggle of the proletariat and if major changes have to be brought in the political and economic system then social revolution by the people is essential. It is only through the socialist revolution that the upheaval of despotic regimes takes place

The difference between Marxism and liberal theory is that liberal theorists emphasize on altruistic approach in the form of charities or welfare projects through which society can become a better place; whereas according to Marxist philosophy such an approach is not enough to bring harmony or equality in a society or to eliminate the exploitation of the proletariat.

The Economist highlighted that 40 percent of people who lived under Marxist regimes for much of the twentieth century endured famines and party dictatorships. Moreover, Marx’s presumption that his new dialectical science would allow him to predict the future as well as understand the present; failed to anticipate two of the biggest developments of the twentieth century—the rise of fascism and the welfare state. He wrongly believed that communism would take root in the most advanced economies. According to the Economist,today’s only successful self-styled Marxist regime is an enthusiastic practitioner of capitalism (or‘socialism with Chinese characteristics’). The Economist magazine’s cynicism of Marxism’s failure to understand the strength of capitalism is an erroneous assumption. sHe further claimed that the point of philosophy was not just to understand the world but also to improve it through socialist principles.

Even Marxism is of paramount significance; as we see the influence of big corporations on the government. The welfare interests of the poor class are at present under a threat and are being overshadowed by the ‘corporatocracy’ (corporate interests), which not only dominates the political sphere but also the economicas well. Hence today, where free flow of goods and services rule economic decisions,the only threat capitalism faces is from Marxism, as itis still significant in a world beset with class-conflict.

Sheraz is a human rights activist, teacher and a constitutional lawyer. The writer can be contacted at sheraz.zaka@gmail.com

Published in Daily Times, September 18^th 2018.