econ

• He argued the capitalist game is “rigged” against the Working class
• He called for the abolishment of private property
• He argued that Capitalism would inevitably self-destruct
• He argued that Capitalism would be replaced by Socialism (partial Command economy)
• He argued that Socialism would give way to Communism (complete Command economy)
• The Modern practitioners: North Korea, Cuba, Venezuela, China, Russia, Libya, Iran
• He was a Prolific writer and wrote the Communist Manifesto, Das Kapital, Critique of Political Economy
• His Wife’s famous comment: “If only Karl had made capital instead of writing about it.”
• Marx misreads human nature – people are self-interested FIRST; family interested SECONDLY, and collective interests come in THIRD
• Marx misreads labor - people will produce – but only if it provides an immediate tangible benefit 
• Marx misreads economics – “haves vs have nots” infers finances are a zero-sum game
• Marx misreads capitalism – despite its flaws, capitalism produces wealth, including middle class wealth
• Marx misreads socialism & communism – power given to workers is still power that needs to be checked
• Marx misreads political systems – constant political agitation eventually eats itself!
• Marx misreads human desire – freedom, liberty, religious worship, etc. are intrinsic to human nature  
• Three economies: market, traditional, and command
• Capitalist game is a zero-sum game
• You need freedom to have private property
• Socialism is an economic system where the means of production are owned by society as a whole.