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The real 'crisis of capitalism'

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Is capitalism in crisis? That is what Rep. Alexandria Ocasio-Cortez, D-N.Y., said recently, more precisely she said that we are witnessing a “crisis of late stage capitalism.” Others seem to agree.

So what else is new? Karl Marx reported a crisis of late stage capitalism, oh, some 170 years ago. What has happened since then?

In the capitalist countries the standard of living of the average person, rather than collapsing as Marx foresaw, has increased some ten or fifteen fold or more. If the numbers sound abstract, consider this practical effect: the life expectancy of an American in Marx’s time was around 38 years, today it is around 78.

This progress was not inevitable. In fact, for most of human history until the rise of capitalism living standards hardly improved at all. They remained the same generation after generation, century upon century.

In recent decades capitalism has worked its wonders beyond its longtime haunts in Europe and North America. China was dirt poor until 40 years ago when the Communist Party decided paradoxically to shift its approach from socialism to capitalism. Now, China’s........

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