The Essence Of Marxism By Niall Ferguson

Very recommendable! An excerpt of a longer essay by Niall Ferguson.

"The founders of communism, Karl Marx and Friedrich Engels, were just two of many radical critics of the industrial society, but it was their achievement to devise the first internally consistent blueprint for an alternative social order. A mixture of Georg Wilhelm Friedrich Hegel’s philosophy, which represented the historical process as dialectical, and the political economy of David Ricardo, which posited diminishing returns for capital and an ‘iron’ law of wages, Marxism took Carlyle’s revulsion against the industrial economy and substituted a utopia for nostalgia.

Marx himself was an odious individual. An unkempt scrounger and a savage polemicist, he liked to boast that his wife was ‘née Baroness von Westphalen’ but was not above siring an illegitimate son by their maidservant. On the sole occasion when he applied for a job (as a railway clerk) he was rejected because his handwriting was so atrocious. He sought to play the stock market but was hopeless at it. For most of his life he therefore depended on handouts from Engels, for whom socialism was an evening hobby, along with fox-hunting and womanizing; his day job was running one of his father’s cotton factories in Manchester ... No man in history has bitten the hand that fed him with greater gusto than Marx bit the hand of King Cotton."


The Essence Of Marxism | Hoover Institution: A belief that the industrial economy is doomed to produce an intolerably unequal society.