The Communist Manifesto is one of those classics which every educated person should read. I do suggest, however, that one have some knowledge of European history first.I have now just finished reading this modern edition edited by Hobsbawm. Part of the difficulty with reading the Manifesto is the archaic language it uses (although this edition does have notes which explain some of that), but there is also the problem of not understanding historical references if you are totally unfamiliar with 19th century Europe.
Perhaps the most useful aspect of reading this book is the authors' discussion of the various "socialist" movements of the time which stood opposed to capitalism and how they differ from Communism. Many of these movements simply don't exist anymore, at least not as distinct phenomena, but have more or less merged into various positions supporting the social welfare state. It is often forgotten that the revolution that Communists sought was not merely economic or political - it was social, and involved the destruction of the family, centralized control of education, and no limits on the regulatory power of the state. Reading this book makes that clear. Even where Marxist economics has been discredited, these themes live on with abundant strength.
It is also imperative to read this book to with an eye to the laws of economics. Otherwise, there is no way to really understand where Marx and Engels went wrong. For example, the authors argue (p. 43) that the price of labour is equal to its cost of production, and (p. 45) that industrial development "nearly everywhere reduces wages to the same low level." This is a misunderstanding; the cost of labour is determined by the balance between the supply of labour and the demand for labour, and because the supply curve for labour (amount of labor available) is never perfectly elastic (i.e. supply of labour is limited), increasing demand increases the price - i.e. economic growth increases wages. On the same page the authors go on to argue that improvements in technology make workers' livelihoods "more and more precarious," an idea that was held by many up until fairly recently. We have seen in recent decades, however, that technology tends to increase productivity, and over time, increase wages.
One key issue in the Manifesto which is very alive today is that of free trade - indeed, the authors argue (p. 38) that capitalism "has set up that single, unconscionable freedom - free trade. In one word, for exploitation..." This prediction violated the law of comparative advantage, which has shown over and over again that countries benefit when free trade allows each country to produce those items in which it is the most productive producer. Thus even while workers in the U.S. lose their jobs, they can transition to other jobs, per capital GDP increases and unemployment stays low.
The key idea here is that Marx should be read not because one thinks that he is right or that he is wrong, but that his thinking, having influenced so many modern movements, is essential to understanding the modern political landscape. Even where he is wrong, reading Marx brings understanding.
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