GLOBALIZATION AND THE GENESIS OF VALUES - OR - WHY MARX AND ENGELS WERE NOT RIGHT OF ALL

Current contributions to the debates on globalization the ''Communist Manifesto'' as a prophetic work which foresaw capital's global victory . However Marx's and Endels's far-reaching predictions turned out to b e empirically wrong. These incorrect prognoses stem from the false cor e assumption in their theory which claims that there ist a destructive global logic of capitalism. While this assumption is reproduced in cu rrent debates on globalization, this acticle argues that the dynamic o f the capitalist economy rests on normative and institutional precondi tions and includes the possibility of an emergence of new values.