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The Communist Manifesto: What can we learn today for a country like Vietnam?

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  • Herr, Hansjörg

Abstract

Today we can learn from the Communist Manifesto that unregulated markets lead to disastrous economic, social, and political developments, which can endanger the reproduction of the capital system itself. The liberal argument, based on Adam Smith's invisible hand - that markets coordinate the selfish actions of millions of people and lead to the welfare of nations -, is a dangerous dream. The consequence is that politicians should not listen to economists, including foreign advisors who preach the liberal dreams of radical versions of capitalist systems. Especially for developing countries, it is vital that they strive for a regulated version of capitalist development. Marx and Engels had a deep understanding of the functioning of capitalism. They underestimated the possibilities to regulate the capitalist system and also allowed the working class to take part in prosperity. However, there is always the danger that capitalist systems evolve with low levels of regulation with the features of capitalism analysed in the Manifesto.

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  • Herr, Hansjörg, 2018. "The Communist Manifesto: What can we learn today for a country like Vietnam?," IPE Working Papers 98/2018, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    • Handle: RePEc:zbw:ipewps:982018
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    References listed on IDEAS

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    1. Hansjörg Herr & Bea Ruoff, 2018. "Insufficient Economic Convergence in the World Economy: How Do Economists Explain Why Too Many Countries Do Not Catch-up?," Agrarian South: Journal of Political Economy, Centre for Agrarian Research and Education for South, vol. 7(1), pages 1-27, April.
    2. Herr, Hansjörg. & Schweisshelm, Erwin. & Vu, Truong-Minh., 2016. "The integration of Vietnam in the global economy and its effects for Vietnamese economic development," ILO Working Papers 994938592702676, International Labour Organization.
    3. Charles P. Kindleberger & Robert Z. Aliber, 2005. "Manias, Panics and Crashes," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-0-230-62804-5, December.
    4. Hansjörg Herr, 2009. "The labour market in a Keynesian economic regime: theoretical debate and empirical findings," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(5), pages 949-965, September.
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    Cited by:

    1. Herr, Hansjörg, 2018. "Karl Marx's thoughts on functional income distribution - a critical analysis," IPE Working Papers 101/2018, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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    More about this item

    Keywords

    Marxism; Communist Manifesto; capitalism; development strategy;
    All these keywords.

    JEL classification:

    • B14 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Socialist; Marxist
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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