On Managerial Elites 3 - What Marx Got Right

On Managerial Elites 3 - What Marx Got Right

Full Title: What Marx Got Right - YouTube
Creator: Academic Agent
Publication Date: February 28, 2020
Series: On Managerial Elites


Managerial capitalism has shifted the control of corporations from owners to managers, blurring the line between mass government and mass corporation.

Marx made 2 significant predictions:

  1. There would be a dictatorship of the proletariat class
  2. "The People" would seize ownership the means of production from the bourgeois class.
  • While this didn't happen in the way he anticipated, in a way it has come to pass as the managerial class has seized both government and corporate control.
  • The old idea of "capitalist" ownership has been replaced by managerial capitalism.
  • The permanent goal of the managerial capitalist class is indefinite growth
  • Large corporations are owned by many shareholders and asset management firms and many public and private retirement (pension) accounts - therefore they own and control the assets.
  • Certain firms like The Vanguard Group and BlackRock manage an outsized portion of almost all publicly traded companies and maintain large private holdings of real estate as well, blurring the lines between capitalist and proletariat and monopoly.
  • There is also a blurring of lines with the mass bureaucratic state, mass corporations (like Vanguard/BlackRock) and mass media which are all tightly intertwined regarding control.
  • The asset management firms themselves are owned basically by other asset management firms themselves as well as other banks.
  • The managerial class control these companies and therefore hold the reigns of power.

Marx' famous quote "From each according to his abilities, to each according to his needs" closely resembles the income redistribution system in the United States today.

  • 76.4 million Americans (44.4%) pay no income tax
  • US Government welfare spending - $1.163 trillion

Meanwhile, the government, corporations, and media are all controlled by the managerial elites. While the companies are owned "by the people," they are fully operated by the managerial class and serve their own interest at this point.

  • The government and asset management firms and corporations are intertwined through money/liquidity control through government loans.
  • But also the politicians are heavily influenced by political contributions from those same corporate donors.
  • US Government bailouts also back up all of these same firms.

Karl Marx would find it amusing that we believe in democracy and equality, as well as the concept of debt being money we owe ourselves.


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