HUGGY
I Post Because I Care
I don't agree with Marx. I think the truth of the matter exists somewhere in between.
Neither Marx nor the Austrians have it right.
The truth of the matter is somewhere in the middle of the two. Both "Wealth" and "Value" are mediums of exchange in markets.
Does wealth exist without value?
Part of the breakdown of the Weimar Republic was that the currency had no value due to confiscatory taxation, heavy debt burden, and open corruption. Clearly "money" was not the source of capital in that situation due to the complete lack of value in the monetary supply.
We strive for that which we value.
Corruption in the USSR was not only "open" ..it was rampant. Communism was not workable in the settings it was attempted because of the human nature of those people. If you take a bunch of drunks that have been learning deceptive methods just to get by for centuries and force them to be a collective.. you still have a bunch of stealing alcoholics running things. It failed not because of the economics ..it failed because the Russians are losers..always were ...always will be.