Marx's Economics as a Theory of Economic Systems - Assignment Example

Considering that presently, Europe has been maintaining a low salary system for workers, it appears that the statements made by Marx and Engels do not reflect a truthful and realistic understanding of the economic system as a whole. Despite the failure of the workers today to uplift the salary standards of the working class, the European businesses continue to emerge and win in the international trade. Thus, it can be interpreted as contradictory to the adverse effects to the capitalists as pronounced by Marx and Engels.

Otherwise, to continuously take advantage of the working class would mean defeat to the capitalists. Both Marx and Engels failed to see the power behind the capitalists and the latter's influence to suppress the possible violent reactions by the working class. The statements however of Marx and Engels did not just go to naught. The European economy could not have survived without the ideas of the two well-known pro-working class theoreticians. Knowing fully well that the proletariat, or the working class for this matter, has the potential capability to rise and change the events in their favor if continuously suppressed, the European capitalists, through the government provided for some incentives that would somehow satisfy the workers and hinder them from fighting back their employers due to urges for more economic reforms.

The employers' unrelenting resistance to revolutionary actions in favor of the working class proved to be successful. Thus, the government freely allowed the labor sector to represent themselves in the government through participation therein. Thru this, the discussion of the numerous demands of the working class would be limited in the parliament and not to revolutions that could overthrow the government, as predicted by Karl Marx. In general, Marx and Engels failed to give proper and due recognition to the capitalists as a relevant factor in the production.

They should have considered the fact that labor will be of no use if there are no raw materials to start with; and who then has the capability to provide the raw materials but the capitalists! Marx and Engels appeared to be one-sided, clinging on to the proletariat without reflecting on the need for the economic balance of the society. The prophecies made by them are too extreme. They have not realized the fact that any sector that is put into power has this tendency to abuse the others. In a purely capitalist system, the capitalists abuse the proletariat for their benefit.

However, the proletariat, once put into power, has this tendency also to abuse the capitalists because each sector fails to acknowledge the relevant role being played by the other. It is the extreme ideas of isolation that leads the members of society to abuse their power. Emphasis should be made that the statements of Marx and Engels are not totally wrong; only then, it should be made more pragmatic, if one has to apply the ideas today. The urge of the capitalists to continue with production which by the way is the essence of the modern-day industry is not actually paving the way to their own graves.

It is more subtle to say that this urge to produce through the use of the labor sector could be a way to the capitalists' graves if they will continuously abuse the rights of the working class and refuse to give them what is due to them.