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.
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