Predictions Of The Future
As popular as Marx was among the students, he was largely ignored by the faculty, who were focused in various ways on making Capitalism work. There were two approaches to advancing this agenda, Monetarism – controlling the money supply, and Keynesianism, the use of taxation and government spending to stimulate the economy in recessions and depressions and slowing it down in times of rapid expansion, known as fiscal policy. It is the art of balancing boom and bust. Keynes's renowned work The General Theory of Employment, Interest and Money introduced his ideas in great detail.
There was one Marxist on the faculty, Art Ford, and I suspect that a few others were compatible with Marx, but not in any dedicated way. Monetarism, personified in the ideas of the University of Chicago’s Milton Friedman, was largely debunked and ridiculed, somewhat unfairly, but Friedman was a free-market extremist, and had an annoying and arrogant personality.
Though Keynes espoused an approach that was credited with ending the Great Depression and getting Allied countries through World War II, he ironically echoed Marx, saying at one point "In the long run we’re all dead," though perhaps not with the same meaning as Marx. It is kind of a moot point now. The U.S. Government no longer practices taxation and spending to balance the business cycle, and instead only deficit spends, lowering taxes for political reasons while increasing spending for similar reasons. Keynes would be rolling over in his grave, were it possible.
For me it took a biologist, Barry Commoner, to transcend all these competing ideas. He was a Marxist (I knew him. He told me this personally.), but predicted the demise of Capitalism from a resource perspective, that the depletion of petroleum reserves would cause innovation to decline, resulting in profits to fall to zero. What sealed the deal was a class I audited in economic growth theory, which was all imaginary equations, no reality. The system could grow forever because various equations based on nothing say it can. In the long run, according to these equations, we just keep having more and more ad infinitum.
Commoner, author of The Closing Circle, died in 2012, well-before our current malaise. Like Karl Marx, he didn’t live to see his prediction come true. Also like Marx, he didn’t have much of a plan for what came after. It is one thing to look at what is and deduce what it is trending towards. It is quite another to predict or advocate for something for which there is no evidence beyond one’s imagination. Marx imagined Communism, a form of social organization that has appeared only in name. Commoner’s easy answer was a vague utopia of Socialism.
Whatever humans exist after the fall of mass civilization, they will have to contend with what we leave behind: plastic waste of various kinds everywhere, a plethora of poisons, a warmed climate that devastates life as we know it, extinction of more and more species, extremes of weather and depletion of resources.
This is uncharted territory. Anyone who claims to have a chart for the future is a fraud. What we can do, though, is summarize the things we can’t do, which is most of what we are doing now, and hope for the best. We can start with ending gratuitous war and fascism.