Karl Marx believed the market system was doomed. Why do you think he was right or wrong?

Answer 1

I don't think that's a fair quote from Marx. Just that the free market system contains so many flaws in it that the imperfect system will from time to time create problem within itself. The exchange rate regime for instance has so many problems that require intervention and what had happened to Asia, England and many other economic systems during the past ten years demonstrate clearly the problem within the current exchange rate system.
Distortions of many forms exist in international trade and finance that free trade often doesn't exist in reality and therefore the market mechanism is not functioning properly or in full force. These are the capitalism problems.

Answer 2

A market system is any systematic process enabling many market players to bid and ask: helping bidders and sellers interact and make deals. It is not just the price mechanism but the entire system of regulation, qualification, credentials, reputations and clearing that surrounds that mechanism and makes it operate in a social context.

Because a market system relies on the assumption that players are constantly involved and unequally enabled, a market system is distinguished specifically from a voting system where candidates seek the support of voters on a less regular basis. However, the interactions between market and voting systems are an important aspect of political economy, and some argue they are hard to differentiate, e.g. systems like cumulative voting and runoff voting involve a degree of market-like bargaining and tradeoff, rather than simple statements of choice.

Answer 3

Marx was wrong about his idea because collectism is his absolute sense is impratical and impossilbe because some want to work harder, and own more goods. Smith was wrong that the market can correct all problems. Publics goods are needed at times to create more efficent economy. Pure Commuist soviet style, and pure Free market are not achievable nor pratical to society or human nature. Its corperation, or competition theory now, and where the balancing point of that. People are coorperate when trading or providing goods for each other, or helping the poor out, yet you need incentives of the markets to help people produce, and give people freedom of choice for goods and services.

Answer 4

Marx made the assumption that all the returns from the increases in productivity would go to the owners of capital and labor would continue to be paid a subsistence wage. This would produce an unstable situation. History has proved him wrong.

Answer 5

I think the economy is doing fine right now and looks as though it can last throughout the ages. I believe that the Marxist ideals could work in an ideal society, but as you all know this world we live in is definatly not ideal.

Answer 6

He was wrong. History proved his theories were incorrect. If he was right we would be studying his model in economics not the Solow Model. Look up Solow Model in Wikipedia, it tells you why Marx was wrong.

Answer 7

Do your own homework. Your future self will thank you.