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Karl Marx was a prominent philosopher and economist known for his theories on capitalism, socialism, and communism. He argued that under capitalism, society is divided into two classes: the bourgeoisie who own the means of production, and the proletariat who sell their labor. Marx believed that capitalists exploit workers by extracting more value from their labor than they pay in wages, generating profits. He developed theories on alienation of labor, historical materialism, and predicted the eventual collapse of capitalism and rise of communism.

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63 views2 pages

Transcript Entrep

Karl Marx was a prominent philosopher and economist known for his theories on capitalism, socialism, and communism. He argued that under capitalism, society is divided into two classes: the bourgeoisie who own the means of production, and the proletariat who sell their labor. Marx believed that capitalists exploit workers by extracting more value from their labor than they pay in wages, generating profits. He developed theories on alienation of labor, historical materialism, and predicted the eventual collapse of capitalism and rise of communism.

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jeraldtomas12
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Theory of Karl Marx

Karl Marx
-a prominent philosopher, author, and economist, is known for his theories on
capitalism, socialism, and communism. Born in Germany, he spent much of his time in
London, writing famous works like The Communist Manifesto and Das Kapital

The Marxist ideology of the entrepreneur


The Marxist ideology of the entrepreneur derives from a capitalist, thus making Marx
view of entrepreneurial functions a “capitalist-entrepreneur.” This view of the
entrepreneur has characteristics such as “profit-making” and “power-seeking.” This
means that Marx based his ideals on the economic system and the mode of production
being the sole determinants of entrepreneurship.

Marx argued that capitalism perpetuates inequality through the division of society into
two main classes:
1. Bourgeoisie- who own the means of production
2. Proletariat- who sell their labor to the bourgeoisie.

Exploitation and Surplus Value


Karl Marx’s work on capitalism critiques the modern era
In Das Kapital, he argues that society is divided into two classes: capitalists,
(1) who own production means and profits, and the proletariat;
(2) who work for monetary wages.
Marx argues that capitalists exploit workers, generating profits by extracting a full day's
worth of effort but only paying a smaller fraction of this value as wages.

Labor Theory of Value


Karl Marx, like other classical economists, believed in a labor theory of value (LTV) to
explain market price differences. He challenged laissez-faire economists in Das Kapital,
arguing that capitalists exploit laborers to drive down production costs. Although his
answer was later proven incorrect, Marx's assertion sparked a revolution in economic
thinking, highlighting the weakness of the labor theory's logic and assumptions.

Historical Materialism Theory


Marx's historical materialism theory suggests society is ordered by production
technology, exemplified by industrial capitalism where capitalists organize labor in
factories or offices. Prior to capitalism, Marx proposed feudalism, a social relation
between lord and peasant classes.
Theory of Alienation
Marx's theory of alienation emphasizes the dehumanizing effects of capitalism on
workers, who become estranged from the products of their labor, from the labor process
itself, from their own humanity, and from each other. This alienation, Marx contended,
was a fundamental consequence of the capitalist mode of production.

Marxism vs. Communism


Marxism, a 19th-century philosophy by Karl Marx, unifies social, political, and economic
theories, focusing on the struggle between the working class and ownership class,
favoring communism and socialism over capitalism.
Communism is a form of economic production that extends to government or political
movements

Karl Marx critiqued the capitalistic system of production, highlighting social and wealth
inequalities. Despite mainstream economics relegating Marxism, his insights remain
influential and inspiring, despite his predictions about the collapse of capitalism and
subsequent communist revolution.

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