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Marx did not take the way the capitalistic system works for granted, but rather analysed it in depth , revealing the corruption in the system, and the exploitation of the workers.
In this article excerpted from the International relations Theories: Discipline and Diversity, edited by Tim Dunne, Milja Kurki, and Steve Smith. It examines Marx’s arguments against capitalism. For a summary of ideology opposed to capitalism. Criticism of Capitalism ranges from expressing disagreement with the principles of capitalism in its entirety, to expressing disagreement with particular outcome of capitalism. In discussions of world politics, it is not uncommon for Marxism to be dismissed out of hand as being preoccupied with economics rather than politics, and concerning itself with domestic rather than international social relations. In this article I will suggest to the contrary that Marxist theory aims at a critical understanding of capitalism as an historically particular way of organizing social life, and that this form of social organization entails political, cultural, and economic aspects which need to be understood as a dynamic ensemble of social relations not necessarily contained within the territorial boundaries of nation states. Viewed in this way, Marxism can yield insights into the complex social relationships—on scales from the workplace and the household to the global—through which human beings produce and reproduce their social relations, the natural world, and themselves. Marx was one of the most incisive critics of a peculiarly modern form of social life capitalism. For Marx, capitalism was not to be confused with markets or exchange, which long predated capitalism. Rather, capitalism represented a form of social life in which commodification had proceeded to such a degree that human labour itself was bought and sold on the market. One of Marx’s central insights was that this situation presupposed the development of historically specific class-based relations and powers: the concomitant development of capital—socially necessary means of production reconstituted as the exclusive private property of a few—and wage labour as the compulsory activity of the many. Under the class relations of capitalism, direct producers are not personally tied to their exploiter, as were slaves in bondage to their master or feudal serfs bound to the lord’s estate.
The aim of this essay is to defend two minority positions respecting the proper interpretation of Marx’s critical theory of capitalism, and in such a way, hopefully, as to make Marx’s theory more interesting to non-Marxists. The first position defended is that Marx is better read as an heir to the pre-modern tradition of objective natural right than as a proponent of the radical Enlightenment claims on behalf of the rights of man, as an Aristotelian rather than as a Jacobin. The second position defended is that, despite its Aristotelian heritage, Marx’s critical theory does not rest upon a metaphysically suspicious account of the telos of human being. Threading this needle – Marx’s position is Aristotelian, but does not rely upon claimed insight into the purpose of human existence – will also give rise to some novel side-claims: that capitalist exploitation is a violation of the nature of the labour process; that Marx criticizes only capitalist exploitation, not exploitation in general; and that Marx is so idiosyncratic a socialist as to make his assimilation to that party more misleading than enlightening. The hope is that this combination of minority and novelty will be intriguing enough to sustain the reader through a return to the crags, thickets, and arid stretches of Marx’s Capital. The upshot is a renovated Marx, neither an economist whose insights were constrained by the industrial capitalism of his day, nor a prophet who saw into the future, but a moral and political theorist who attempted to get to the bottom of what is wrong with capital.
This book gives a clear synthesis of Marx’s theory of Capitalism and its relation with economic theory as it evolved over the course of the last 300 years. It places Marx’s though in perspective, comparing it with the main aspects of the economic theories that preceded it, including not only the Classical Adam Smith and David Ricardo but also economists like Cantillon, Turgot, and Ramsay that Marx chose to ignore with respect to the crucial issue of entrepreneurship because it was incompatible with his Theory of Surplus Value. But the book also contrasts Marx’s theory with Walras’, the Neoclassical economist whose influence on contemporary mainstream economic theory was most lasting. The analytical aspects of Marx’s theory are rigorously expressed by means of the technique of Input-Output Analysis, which is explained from the most elementary level in order to make the book self-contained. Each of the multiple topics of Marx’s complex and refined theory is explained in detail, including his theory of money, the heterogeneity in kinds of labor and in productive techniques, the turnover of capital, Simple and Extended Reproduction, his theory of the economic cycle, his theory of ground rent, his theory of productive and unproductive labor, and his view of the main tendencies of capitalist society. The book is structured in accordance with the development process of Marx’s thought. Hence, it begins with the life project he generated in his youth and drove him from the study of history and philosophy to that of Political Economy, on the one hand, and political praxis, on the other. Hence, Parts I, II, and IV of the book respectively address A) the philosophical-methodological foundations of his scientific endeavor (his Historical Materialism); B) his scientific theory of capitalist society as expressed in Capital; and C) his political thought and praxis, which had enormous effects over the course of the 20th century. Part III of the book addresses our critique of Marx’s theory of Capitalism. Beyond our criticisms, however, the book shows that Marx made important contributions to the comprehension of the functioning of Capitalism in the more conventional part of his theory, which we denominate ‘exoteric’ in order to contrast it with his ‘esoteric’ Theory of Surplus Value which was the foundation of his view of the exploitation of wage labor in Capitalism.
This is a searchable pdf file of the published book
The Handbook of Economics and Ethics, 2009
Karl Marx (1818 -1883) was a German philosopher who endorsed the idea that socialism, and eventually communism, would succeed capitalism as the ultimate economic system. Throughout his academic career, Marx's Capital (1873) provides one of the most comprehensive sets of criticisms against capitalism. Marx argues that capitalism involves not only the exchange of commodities, but also the advancement and transformation of capital, in order to generate profit. Marx uses the labor theory of value to criticize the way capitalism makes profit through the exploitation of workers, which method is criticized by many economists for neglecting the importance of capital ownership. Marx also criticizes capitalism of alienating workers and taking away their power of self -actualization. This essay attempts to re -examine and justify both criticisms.
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