What Marx got right—and wrong—about capitalism:
The most obvious mistake in his version of the world is to do with class. There is something like a classic Marxian proletariat dispersed through the world. But Marx foresaw that this proletariat would be an increasingly centralised and organised force: indeed, this was one of the reasons it would prove so dangerous to capitalism. By creating the conditions in which labour would be sure to organise and assemble collectively capitalism was arranging its own downfall. But there is no organised global conflict between the classes; there is no organised global proletariat. There’s nothing even close. The proletariat is queuing to get into Foxconn, not to organise strikes there, and the great danger facing China, which is in a sense where the world’s proletariat now is, is the inequality caused by fractures within the new urban proletariat and the rural poverty they’re leaving behind.