Karl Marx applied three areas which the first one is the elements of theory of economics; the second one is the theory of social class, and the last one is the theory of history.
Marx on EconomicsThe workers were paid too little to buy all the products they made and they will also get paid too little for the fraction they will produce. Many proponents of capitalism have promoted capitalism asa more effective means of generating and redistributing wealth than socialism or communism, or have portrayed the gulf between rich and poor that so concerned Marx and Engels as a temporaryphenomenon. Some suggest that self-interest and the need to acquire capital is an inherent component of human behavior, and is not caused by the adoption of capitalism or any other specific economic system andthat different economic systems reflect different social responses to this fact. The Austrian School of economics has criticized Marx's use of the labour theory of value.
Marx on Social ClassSociety ran according to the dictates of the upper class. Every society was divided into two classes: 1) small class of the owners of the means of production. 2) large class of those who worked for thesmall class. For Marx, classes are defined and structured by the relations concerning work and labour and ownership or possession of property and the means of production. These economic factors more fullygovern social relationships in capitalism than they did in earlier societies. While earlier societies contained various strata or groupings which might be considered classes, these may have beenstrata or elites that were not based solely on economic factors – e.g. priesthood, knights, or military elite. Marx did not complete the manuscript that would have presented his overall view of socialclass.
Marx on History
In 1789, France’s ruling class was the feudal nobility and the ownership of land eroded with the rise of manufacturing, which created a new class, the urban capitalist, it...
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