“In fact, it would be very easy to ‘prove’ Marx’s analysis to have been wrong, if experience had shown, for example, that the more capitalist industry develops, the smaller and smaller the average factory becomes, the less it depends upon new technology, the more its capital is supplied by the workers themselves, the more workers become owners of their factories, the less the part of wages taken by consumer goods becomes (and the greater becomes the part of wages used for buying the workers’ own means of production). If, in addition, there had been decades without economic fluctuations and a full-scale disappearance of trade unions and employers’ associations (all flowing from the disappearance of contradictions between Capital and Labour, inasmuch as workers increasingly become the controllers of their own means and conditions of production), then one could indeed say that Capital was so much rubbish and had dismally failed to predict what would happen in the real capitalist world a century after its publication.”

Introduction to Capital. Introduction to volume 1 (1976)

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Ernest Mandel 11
Belgian economist and Marxist philosopher 1923–1995

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Source: [Tritch, Teresa, F.D.R. Makes the Case for the Minimum Wage, http://takingnote.blogs.nytimes.com/2014/03/07/f-d-r-makes-the-case-for-the-minimum-wage/, March 7, 2014, New York Times, March 7, 2014]

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