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Karl Max was one of the renowned German Philosopher, economic, sociologist, communist, and a revolutionary figure. His ideas have been epitomized with creation of communism, a political ideology that is practiced to date in the world. In his communist manifesto published in 1848, he asserted that history of the world could be understood in the history of class struggle (Cohen 56).
Marx believed that capitalism, like other social economic systems that had been practiced in the world would bring about tensions which would lead to destruction of the society. He believed that just like the way capitalism had replaced feudalism, socialism would replace capitalism leading to a stateless, classless society to be referred to as pure communism. However, he showed that this would only emerge after a transition period of workers states or workers democracy (Marx and Engels). Marx believed that social economic change would be brought major social movements. His ideas began to be gain impetus immediately after he died beginning with the October Russian Revolution which took place in 1917.
According to the prevailing schools of economic, Karl Max could be classified under the classical school. This is regarded as the first modern school of economic thought which produced magnificent dynamics in a period when capitalism was taking over feudalism and industrial revolution was just beginning to take root in the society. The teachings of Marx were mostly leaned towards the understanding of capitalism, its impact on the society and how it would be replaced (Marx and Engels).
Although this teaching came after the thoughts of founders of classical school of though like Adam Smith, they took similar outlook political economy. However, immediately after his death, there emerged Marxist School which mainly challenged the foundations of classical theory. Karl Marx defined capitalism as evolutionary phase that marked economy development in the world. He differed from other classical economist on the ground that he believed capitalism would destroy itself and would be succeeded by private property.
Karl Marx was an advocate of labor theory of value. He believed that production belongs to labor because workers are the one who produce all value within the society. Karl Max argued that market system allowed capitalism, who were the owners of the machinery and factories, to exploit their workers and also denied them fair share of the value they produced. Capitalist gained from the hard work of their workers who were paid poorly. He argued that alienation of human work which resulted to commodity fetishism functioned as a defining feature of capitalism (Cohen 86). On the theory of crisis and breakdown, Marx argued that there had to be a number of conditions that are required for steady growth of the state are numerous in capitalism economy in order to avoid breakdown. There is no other economist in history who has given influential work on class relations like Karl Marx. He provided a critical analysis of capitalism and its impact in the society. He also identified the conflicting and exploitative nature of capitalism as far as class relations were concerned.
Karl Marx believed that an ideal economic system should involve exchange of equal values for equal value. This means that the amount of work to be done should be used to determine the value that should be exchanged. The ideal economy would be where workers are paid according to the value of work they do. However, this is an important idea that had been overstepped in capitalism. It is driven by desire to exchange lesser value for a great value produced. According to Karl Marx, profits should be derived from the surplus value produce by factory workers. The value theory has been widely used to analyze the work of Karl Marx. He did assume that there was no problem moving from values to prices, but he identified the role of social collectivism in bringing about constructive change in the world.
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