Richard Ebeling emails:
I have a new article on the "Capitalism Magazine" website on, "Karl Marx's Theory of the 'Injustice' of Capitalism."
In case you forgot to put it on your calendar, May 5th was Karl Marx's birthday. Bernie Sander's run for the White House in the Democratic Party primaries has breathed new life into the socialist "ideal." But it worth remembering the fundamental errors and disastrous consequences from the ideas of the leading advocate of socialism and communism over the last 200 hundred years.
Marx accused the capitalist system of being based on exploitation of the workers through capitalists expropriating a portion of the value of what they produced as their own ill-gotten profits. But not long after Marx's death in the 1880s, the Austrian Economist, Eugen von Boehm-Bawerk showed conclusively that Marx had completely misunderstood the role of profit and interest in the competitive market system, a system that in fact improves the conditions of salaried workers in society and pays them the value of their contributions to the production processes.
After the brutal and murderous experiences of socialism-in-practice in the 20th century, many on "the left" have attempted to protect Marx from the stain of its real world consequences by claiming that all these results were not what Marx "really meant" or wanted. But a careful and straight-forwarded reading of his writings demonstrates that all of those worst features of communist dictatorships and socialist central planning were exactly what Marx proposed and advocated.
Finally, there was a "good" or better side to Karl Marx, the Marx of 1842, who wrote newspaper articles arguing that communism was both impracticable and undesirable. If only that was the Marx that had prevailed, rather than the Marx who turned into a socialist just a few years later.