
EI Weekly Listen — Capitalism, Socialism and Democracy revisited by Niall Ferguson
The EI Podcast
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The Mistakes of Marks and Ennel
Capitalists understood what marks missed, that workers were also consumers. It therefore made no sense to try to grind their wages down to subsistence levels. There was no bigger potential market for capitalist enterprises than their own employees. The second mistake marks and engells made ws to underestimate the adaptive quality of the nineteenth century state - particularly when it could legitimize itself as a nation state. Intra structure and health, the new states could make europe's big industrial cities the breeding grounds of both cholera and revolution.
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