Friday, October 26, 2018

Profit-Seeking and the Critique of Capitalism

Marx attacks Capitalism in two, not necessarily related, ways: 1. Via Dialectical Materialism, leading to an exposure of the internal contradictions of the system; and 2. Via an etiology of Profit, leading to an exposure of the Exploitation of Labor.  However, in the latter case, he leaves unexamined the phenomenon of Profit itself, thereby missing the possibility of a more direct, more coherent, criticism of Capitalism.  For, as has been previously discussed, the foundation of Capitalism--the Profit-motive--is shaky in two respects.  First, the proposed identity of traditional Egoism and Profit-seeking is without justification.  Second, healthiness of Profit-seeking behavior is taken for granted.  So, Marx misses an opportunity for a simpler, more decisive undermining of the foundation of Capitalism, perhaps because it would not entail Socialism as a remedy.  He thus leaves unchallenged the dogma that Profit-seeking is sound behavior, a dogma the acceptance of which has become widely and deeply entrenched since.

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