Compare Keynesian And Marxism Capitalism Crisis

Compare Keynesian and Marxism Capitalism Crisis
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COMPARE KEYNESIAN AND MARXISM CAPITALISM CRISIS
A few years ago economic doctrines Laissez-faire capitalism and government regulated were used as some of the alternatives in the economy after the collapse of USSR (Wolff, 2012). This alternative was presented as a battle between two sides that is those individuals who want to regulate markets and those who seek to have free market systems and also preach the need to unveil the invisible hand of capitalism. Keynesian looks at the government stimulus and the regulation of the economy (Keynes, 2018). In today’s society jobs, growth, and investment have become a mantra of labor investment and leaders have promised an alternative to austerity. In reality, the terms are used to represent to ideologies of the same capitalist that is monetarist and Keynesianism. These two terms do not have a solution to the crisis rather capitalism crisis.
Keynesian has become a dominant ideology in the labor movement whereby Keynes was very one on his capitalistic interest of the class. He stated that war of class would find him on the side of the educated bourgeoisie (Keynes, 2018). Keynes opposed socialism and the Russian revolution. In the capitalism theory, people assume that the laws of the capitalist and the mode of production develop in their pure form. While In reality, this is only an approximation but the approximation is all the more accurate, the more the capitalist mode of production is developed and the less it is contaminated by survivals of earlier economic conditions with which it is merged (Wolff, 2012). Marx, on the other hand, tried to explain some of the contradictions while insisting on the abolishment of capitalism. Rather, Marx took the political economy and developed a greater understanding of capitalism (Keynes, 2018). The historical development of capital finance and increasing separation between capital owners and the actual production process as stated by Marx had its own crisis. The idealistic and individualistic economic theory commonly referred to as the marginal theory developed contradictions. Marx embraced one side of capitalism whereby everything was determined by the invisible hands of the market and supply and demand forces.
Keynes further stated that the separation of ownership and management prevails to date and the development of organized market investments facilitates investment but has resulted in instability in the system (Wolff, 2012). For Keynes, capitalism was not the problem but laissez-faire capitalism was because its unregulated markets and investors were allowed to follow their own profit personally without any consideration for the rest of the society. Marx also believed that the Ricardian struggle of calls for the shares of national goods can be settled in favor of labor (Keynes, 2018). Capitalism can be abolished as well as the profits of capitalist and rents paid to landlords.
However, Marx misses the idea of the growth of social balance between the government, labor and countervailing powers. Marx argues that Keynesian was nothing but a stepping stone for the evolution of man which would later face political revolution before the ...