The latest cover of the magazine Der Spiegel has caused a sensation, which essentially deconstructs the functioning of modern capitalism and questions the central title with which the magazine is published “was Marx right after all?” since “classical capitalism doesn’t work anymore”.
Billionaires don’t read the Wall Street Journal, they read Capital
Der Spiegel notes that “classic capitalism no longer works. But driven by ever-new global crises and a looming climate meltdown, concrete reform ideas are emerging: less growth, more government targets.”
In fact, the German magazine mentions and comments on the words of the American billionaire investor and hedge fund manager, Ray Dalio, stating that lately he seems to no longer read the Wall Street Journal in the mornings in his 2,000 sq m villa, but the Capital of Marx.
“Capitalism doesn’t work for most people anymore,” says Dalio, whose fortune is estimated at about $22 billion.
Stop it
“If good things become too much, then they threaten to self-destruct. They must grow further or die. Wealth and prosperity are only one-sidedly distributed. Those who are poor remain poor and there is hardly a trace of equal opportunity. Stop it,” says the billionaire, stressing that capitalism urgently needs to be fundamentally reformed. Otherwise it will be lost, deservedly so.
“Too many things don’t work anymore. Globalization is about to collapse, taking the German economic model with it. The international community is locked in competing blocs, inflation is further widening the gap between rich and poor, and we have missed almost all of our climate goals,” the magazine notes, citing British historian Adame Tooze to refer to the era of “multicrisis ” and on the “invisible hand of the market” , which “no longer appears as a miracle solution” before moving on to the issue of climate change.
He identified the dangers more than 150 years ago
“The climate crisis is the most typical example of the problems caused by capitalism. Current environmental risks are closely linked to Marxist critiques of capitalism. More than 150 years ago, Karl Marx identified the dangers of this system to the planet.”
Criticism of the power of markets has been around since the time of Karl Marx, but Der Spiegel points out that “it says a lot about the state of the world when proven super-capitalists suddenly sound like Karl Marx fans.”
