Wealth inequality: the past, and the future

Part IV: "But history has proven Marx wrong!" Nope.

This is the second of a multipart series on the past and future of capitalism. Part I is here. Part II is here. Part III is here.

The second objection to Marx’s law of capitalist accumulation is more compelling: history has not fulfilled his prediction. Even though we periodically see monopolies, capitalism has not become entirely monopolistic. There’s s…