This year marks the 160th anniversary of The Communist Manifesto and capitalism--a k a "free enterprise"--seems willing to observe the occasion by dropping dead. On Monday night, some pundits were warning that the ATMs might run dry and hinting that the only safe investment left is canned beans. Apocalypse or extortion? No one seems to know, though the populist part of the populace has been leaning toward the latter. An e-mail whipping around the web this morning has the subject line "Sign on Wall Street yesterday," and shows a hand-lettered cardboard sign saying, "JUMP! You Fuckers!"
The Manifesto makes for quaint reading today. All that talk about "production," for example: Did they actually make things in those days? Did the proletariat really slave away in factories instead of call centers? But on one point Marx and Engels proved right: within capitalist societies, or at least the kind of wildly unregulated capitalism America has had, the rich got richer, the workers got poorer, and the erstwhile middle class has been sliding toward ruin. The last two outcomes are what Marx called "immiseration," which, in translation, is the process you're undergoing when you have cancer and no health insurance or a mortgage payment due and no paycheck coming in.
Marx predicted that capitalism would fall in a spirited, proactive, fashion: the workers, fed up with immiseration, would revolt, seize the "means of production" and insist on running the show themselves, that being the original, pre-Soviet, notion of socialism. The revolution didn't happen, of course, at least not here. For the past several years, American workers have sweetly acquiesced to declining wages, rising prices, speed-ups at work, disappearing pensions and increasingly threadbare health insurance. While CEO pay escalated to the eight-figure range and above, so-called ordinary Americans took on second jobs and crowded into multi-generational households with uncomfortably long waits for the bathroom.
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