Karl Marx on Capitalism

Capitalism and Karl Marx are two closely related topics. Let's explore each of them:

1. Capitalism:

Definition: Capitalism is an economic and social system characterized by private ownership of the means of production (such as factories, land, and resources) and the pursuit of profit. In a capitalist system, the allocation of resources and the distribution of goods and services are primarily determined by market forces, supply and demand, and competition.

Key Features of Capitalism:

2. Karl Marx:

Let’s see what the key elements of Karl Marx on Capitalism are.

1.     Perfect Capitalism

2.    The Value of Labor

3.    Profits and Unemployment

4.    The Consequences of Innovation

5.    Commoditization

6.    The Gulf Between Rich and Poor

7.    Beyond Capitalism, What?

8.    Flaws and Virtues of Marxist Theory

These elements are further explained in the below flowchart more elaborately.

Key Ideas of Karl Marx: (in a nutshell...)

The relationship between capitalism and Karl Marx is one of critique and opposition. Marx's work provides a critical perspective on the functioning of capitalist systems and their implications for social and economic inequality. 

Written by: Navodi Jayasinghe.

References;

1. Heilbroner, R. L. (n.d.). Marx's Analysis of Capitalism. Commandingheights.        Retrieved October 15, 2023, from https://www.pbs.org/wgbh/commandingheights/shared/minitext/ess_marxsanalysis.html

2. Elwell, F. W. (n.d.). Karl Marx: On Capitalism. Felwell.                         Retrieved October 15, 2023 from                https://www.faculty.rsu.edu/users/f/felwell/www/Theorists/Essays/Marx3.htm