Explain The Baleful Prophecies Given By Marx?

The great socialist Marx saw capitalism as inevitably leading to socialism. In Marx's world, technological advances enable capitalists to replace workers with machinery as a means of earning greater profits. But this increasing accumulation of capital has two contradictory consequences. As the supply of available capital increases, the rate of profit on capital falls. At the same time, with fewer jobs, the unemployment rate rises, and wages fall. In Marx's terms the reserve army of the unemployed, would grow, and the working class would become increasingly mesmerized by which he meant that working conditions would grow progressively alienated from their jobs.

As profits decline and investment opportunities at home become exhausted, the ruling capitalist classes resort to imperialism. Capital tends to seek higher rates of profit abroad. And, according to this theory the foreign policies of imperialist nations increasingly attempt to win colonies and then mercilessly milk surplus value from them.

Marx believed that the capitalist system could not continue this unbalanced growth forever. Marx predicted increasing inequality under capitalism, along with a gradual emergence of class-consciousness among the downtrodden proletariat. Business cycles would become ever more violent as mass poverty resulted in macroeconomic under consumption.

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