Wrong Development Theories

Wrong development theories are currently implemented and this is not by accident but these are dominant because these theories contribute to power. This is one of the insights of the Marx that the capitalists are not able to get their way just because they’ve power and wealth but also because they create theories which lead everyone believe way of distribution under capitalism is natural and just. Economic theory says that whatever the person earns is actually marginal product or contribution to society. If anyone is earning billions is because the worth of contribution to that society is in billions. This theory is wrong but this is what is being taught everywhere today.

Because of this theory, in USA, it’s debated that there should be tax cut to the rich as they are most productive people. Effect of these theories is obvious as in 2010 about 380 people own the half of wealth of the planet, in 2015 number of people owning half of the wealth downed to 62 and in 2017 it’s owned by only 8 people. Similarly about 7 trillion dollars are officially flow from poorest countries of the planet to richest countries. This seems like there is still colonialism due to capitalist system prevailing in the world. Like European colonialism now rich countries don’t control by armies and weapons but through debt and interest payments which gives same results as of colonialism.

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