How Did Karl Marx Contribute To The Rise Of Capitalism
Introduction
Karl Marx was born in a middle-class Jewish family of Germany, which converted to Christianity when he was young. Marx was an exponent of scientific socialism that advocated reformation of capitalism so that the social order could change from the exploitative capitalist system. Marx considered capitalism both a political and economic system. His main ideas were the conflict theory and the study of political economy. Karl Marx believed that capitalism was doomed to collapse due to its success and argued this prediction using the concept of surplus profit.
Before the Agrarian revolution, land was communally owned,and private ownership of property was non-existent. However, after the industrial revolution, private ownership of property emerged and established the capitalist ideology. Individuals who formerly worked on the lands were employed to work in the manufacturing …show more content…
Marx explained that during the boom, there would be increased business activities that would lead to accumulation of more factors of production. Wages would increase thereby depleting the group of unemployed individuals. The increase in the wages would deplete the profits received by the capitalists who would then replace the workers with machines. The laid off employees would maintain the remunerations at a sustenance level. In addition, the capitalists employed women and children to whom they also paid lower wages.
The businesspersons motivated by profits would sell their products at a price that was more than the value of labor embodied in production. Marx, just like Malthus, predicted that ineffective demand would be the downfall of the capitalist system. The reason was because the workers were paid lower wages and could not afford to buy the products they produced; hence, the capitalists would lack market for their
Karl Marx was born in a middle-class Jewish family of Germany, which converted to Christianity when he was young. Marx was an exponent of scientific socialism that advocated reformation of capitalism so that the social order could change from the exploitative capitalist system. Marx considered capitalism both a political and economic system. His main ideas were the conflict theory and the study of political economy. Karl Marx believed that capitalism was doomed to collapse due to its success and argued this prediction using the concept of surplus profit.
Before the Agrarian revolution, land was communally owned,and private ownership of property was non-existent. However, after the industrial revolution, private ownership of property emerged and established the capitalist ideology. Individuals who formerly worked on the lands were employed to work in the manufacturing …show more content…
Marx explained that during the boom, there would be increased business activities that would lead to accumulation of more factors of production. Wages would increase thereby depleting the group of unemployed individuals. The increase in the wages would deplete the profits received by the capitalists who would then replace the workers with machines. The laid off employees would maintain the remunerations at a sustenance level. In addition, the capitalists employed women and children to whom they also paid lower wages.
The businesspersons motivated by profits would sell their products at a price that was more than the value of labor embodied in production. Marx, just like Malthus, predicted that ineffective demand would be the downfall of the capitalist system. The reason was because the workers were paid lower wages and could not afford to buy the products they produced; hence, the capitalists would lack market for their