Yale course on capitalism lecture “From Marxist Historicism to Howard Head’s Tennis Racket” originally titled “Karl Marx, Joseph Schumpeter, and an Economic System Incapable of Coming to Rest.”
Marxist Historicism (which for the most part has been theoretically and empirically dismantled).
- Monopoly capitalism
- Falling rates of profit
- Immiseration of the working class in late capitalism
- Inevitable revolution in advanced capitalistic systems
- Theory of the universal class
- Withering away of the state
Some have argued that Marxist Historicism has little to no predictive value or power, though this theory is still employed by some in the academy and in the media. Just in the past week (October 14) in several major newspapers, I’ve seen Marxist theory employed, wrongly, to explain current economic affairs.