Wednesday, September 3, 2003

The one time that Marx was right

Just to give you an idea of what to expect from Ward of the Court, I thought my first entry would enlighten everyone on a little known fact.  Karl Marx believed in supply side economics.  Yep, that's right.  The economic theory that underpins modern conservative thought and is repeatedly ridiculed by the left was accepted by Karl Marx the godfather of communism.

Before you pass out from amazement, let me provide a little context.  Marx despised the free market.  He believed that in the industrial age in the free market, the worker was little more than a commodity.  Thus, he certainly did not advocate supply side economics.  However, in a speech in Brussels in 1848, Marx said:

The most favorable condition for the worker is the growth of capital.  This must be admitted.  If capital remains stationary, industry will not merely remain stationary but will decline, and in this case, the worker will be the first victim.  He will go to the wall before the capitalist.

Of course Marx went on to claim that the worker will go to the wall in the free market under any system, but his admission that supply side economics was better for the worker in a free market society is startling nonetheless.

So the next time some leftist makes fun of supply side economics, you might want to remind them that even Marx admitted that it worked.

 

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