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The Exploitation Theory of Socialism-Communism
The Exploitation Theory of Socialism-Communism is an extract from
Volume I, History and Critque of Interest Theories. It is a brilliant
brief in defense of interest in any economic system, and a thorough rebuttal
of the Marxian structure. It is probably the most interesting, and politically
the most momentous, part of Böhm-Bawerk's analysis. After all, Marxian
thought pervades the world. Even in the United States, the exploitation
theory has swayed public opinion and permeated both political parties.
It has given rise to a "New Deal" in social and economic matters
and a powerful labor union movement. The notion of labor exploitation
by businessmen and corporations continues to determine basic economic
policies on all levels of government, from labor legislation to Social
Security and income taxation. Böhm-Bawerk's rejoinder provides the
only logical defense from the onslaught by the exploitation doctrine,
which in the end breeds political and social radicalism. Many see the
results of Marxian imperfections, but few people actually know the reasons
for failure. The Exploitation Theory supplies the answers. Böhm-Bawerk's
most controversial analysis.
Paperback (pp. 159)
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