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Is Blockchain Truly Democratizing Wealth? A Marxist Perspective on DeFi and Capitalism
Blockchain and decentralized finance (DeFi) promise a fairer financial system, by removing banks and middlemen claiming to “democratize wealth”. But does this live up to the promise? From a Marxist perspective, which focuses on class struggle, power dynamics, and wealth inequality, the answer is complex and debatable.
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Where Does Blockchain Fit Into This Debate?
Blockchain has brought a new way of thinking about money and finance. Systems like cryptocurrencies and DeFi aim to fix some of capitalism’s problems. But does blockchain really create fair opportunities for everyone?
The Promises of Blockchain:
Blockchain is designed to empower individuals by giving them control over their transactions. DeFi platforms enable anyone with internet access to invest, trade, and own assets without depending on centralized institutions that often take advantage of the working class. Yes, this sounds like a Marxist dream breaking down traditional systems that favor the rich and giving everyone equal access.
These features present an idealistic vision where everyone has an equal chance, and power is shared more fairly. But does the reality live up to these promises?
