AN evaluation OF KARL MARX IDEA OF CAPITALISM
AN EVALUATION OF KARL MARX IDEA OF CAPITALISM
The history of man demonstrates that at some point in time, people got together to build society. The reason for this is that in order for humans to coexist peacefully, society must be created.
How can a society be deemed just? These are questions that demand answers and are of major significance to political philosophers. Capitalism originated in the West and is widely practised in the Euro-American world.
Capitalism as a societal principle spread so quickly that it is now practised all across the world. On the surface, capitalism looks to be insignificant, as it appears to bring about quick progress and development in society.
However, Karl Marx, widely considered as the inventor of socialism, strongly opposes capitalism in all of its forms. Capitalism, in his opinion, can only be regarded as exploitative. In this context, this study will assess Marx's concept of capitalism in order to answer the above question.
1.0 BACKGROUND OF THE STUDY
Capitalism is an extension of feudalism. One of the fundamental contradictions or defects of capitalism is that it generates and depends on social inequality. What distinguishes capitalism is not its industrial technology, but rather the way it organises interpersonal relations in the workplace.
It is worth noting that the capitalist system is fundamentally about exploitation and alienation, and Marx held that when workers' income, wealth, prestige, and power are not equal to those of the owners of the means of production, the relationship between workers and owners of means of production becomes one of exploitation.
Marx argued that the social interaction between workers and owners in the organisation is alienating, workers are dehumanised, and the concept refers both to the social situation in which people find themselves (alienating work situation) and the perceptions of individuals in those situations (a feeling of being less human).
1.1 STATEMENT OF THE PROBLEM
The problem with capitalism is its proclivity for exploitation. What is critical in this regard is to highlight Marx's issues with capitalism in an attempt to abolish the system of capitalism.
As stated in the preceding backdrop, capitalism is fundamentally based on exploitation and alienation. With these problems of capitalism, Marx wanted to give a solution in the form of a revolution.
The issue here is how to build a classless society while maintaining the commonwealth. This topic poses a significant obstacle, particularly in the experiments with socialism and communism. Another issue is whether socialism can actually be a state of classlessness.
In other words, we face the challenge of bridging the gap between the haves and the have-nots. Another key issue to consider is whether revolution will result in advancement or regression.
1.2 SCOPE OF THE STUDY
Despite the fact that this essay analyses capitalism in relation to Karl Marx, it will also discuss the notion from a broader perspective. However, it will both praise and criticise Karl Marx's view of capitalism.
1.3 PURPOSE OF THE STUDY
The goal of this study is to highlight Karl Marx's theory of capitalism in order to demonstrate that the postulation of socialism does not inevitably mean the end of class division.
In other words, the purpose of this research is to demonstrate that socialism and communism may be worse socioeconomic and political agreements than capitalism.
1.4 SIGNIFICANCE OF THE STUDY
According to the study's goal, the significance of the study will demonstrate that we cannot exclude capitalism from socioeconomic development and growth.
Again, it will assist economic planners and leaders in deciding and implementing economic policies that will lead to the expansion of the nation's economy for the benefit of all citizens rather than just a few.
In line with the preceding, the study will serve as a call for the government to control the practises of capitalism where it has been accepted in order to preserve workers' rights. Finally, the research will make an intellectual contribution to the advancement of the capitalist and socialist economies in order to achieve a synthesis.
This essay employs both analytical and critical approaches. At the outset, it will outline in full Karl Marx's perspective on the subject of capitalism, as well as his profound solution to capitalism's annihilation. It will gradually criticise Karl Marx's notion of capitalism.
1.6 LITERATURE REVIEW
The first book reviewed here is “The Theory and Practise of Communism” (London: Penguin Books, 1950), which was authorised by R. N. Caron Hunt. From a very critical stance, the author gives us a brief history of Marxism and its consequences in Russia in this book.
The author plainly stated that present Marxian thought is a synthesis in which the basic principles of Karl Marx and Engel's have been modified to match the twentieth century by Lenin and Stalin.