Given his views on history, sociology, philosophy, economy, and politics, Karl Marx is well renowned in academia circles. While his ideas were created based on the events of the 19th century, I still find some modern day relevancy in them despite widespread criticism. To begin with, his idea that capitalism was always doomed to collapse given its manipulativeness was proven incorrect over time. Marx believed that at one time, the proletariats would rise against the bourgeois to oppose a system that brought benefit to only a few people. However, capitalism still exists today and is the backbone of how modern economic affairs are conducted. With the benefit of hindsight, Iit is my takeaway that such criticism leveled against Karl Marx is merited.
While capitalism remains present today, it is also my takeaway that it has shown signs of slowing down. The Marxist school of thought claims that capitalism would ultimately evolve into socialism in the same manner that feudalism had developed into capitalism (Mumby & Kuhn, 2019). Society is at a juncture where the transition from capitalism to socialism or another way of life is imminent, and this shows consistency with the opinions of Karl Marx. More specifically, I believe that the idea of “crisis of capitalism” gives us a clear picture of the impending revolution. As a result, the UK recorded the worst living standards of its people for more than 60 years, and much of this was attributed to capitalism (Hughes & Southern, 2019). My other takeaway, however, is that capitalism does not necessarily have to transform into socialism as the latter also has its drawbacks. In countries where socialism was retained, for instance, elements of capitalism were not only retained, but issues such as totalitarian governments, a rise in political elites, famine, and failed economic systems arose (Campbell, 2021). My opinion, therefore, is that since Karl Marx did not give a timeline for which capitalism would fail, it would be imprudent to fully dismiss his sentiments.
References
Campbell, B. (2021). Social justice and sociological theory. Society, 58(5), 355-364. Web.
Hughes, C., & Southern, A. (2019). The world of work and the crisis of capitalism: Marx and the fourth Industrial Revolution. Journal of Classical Sociology, 19(1), 59-71. Web.
Mumby, D. K., & Kuhn, T. R. (2019). Organizational communication: A critical introduction (2nd ed.). SAGE Publications.