In Defence of Marx's Account of the Nature of Capitalist Exploitation
ABSTRACT: According to Marx, "at any given epoch of a given society, [there is] a quantity of necessaries [recognized as] the necessaries of life habitually required by the average worker." The variations in the type and amount of goods recognized as necessary for life between different epochs and different societies is due to the different 'physical conditions' and to the different 'degrees of civilization' and 'comfort' prevalent. In advanced capitalist societies, the necessities of life include a heated dwelling, food, clothing, and access to some means of transportation, be it public or private. However, the average laborer in advanced capitalist societies has access not only to the necessaries of life but to a variety of luxury items as well. For example, the average worker has access to fine food and drink, an automobile, a television, and a stereo system. In my paper, I explain Marx's theory of the nature of capitalist exploitation. I then indicate how the phenomenon described above may be interpreted as evidence against Marx's theory, and then sketch an interpretation of this phenomenon that reconciles it with Marx's theory. My interpretation will suggest that the average worker's access to luxury items can be explained by the necessity in capitalism of reproducing the working class.
According to Marx, "at any given epoch of a given society", there is "a quantity of necessaries" recognized as "the necessaries of life habitually required by the average worker" (Capital 1: 519). The variation in the type and amount of goods recognized as the necessaries of life between different epochs and different societies is due to the different "physical condit...
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...ker's consumption of luxury items in advanced capitalist societies is evidence of the successful workings of anti-capitalist force(s) in these societies.
(5) If one prefers to compare an improvement in the workers' standard of living with a switch from iron to golden chains, then one can at this point conclude that, when limited access to luxury items is coupled with exploitation, the workers see their chains as something precious which must be jealously guarded rather than cast off.
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Madoff started the scheme by misleading his clients to think that he was an elite investor because he was on a vast amount of important boards. Many believed the scheme and invested billions of dollars with Madoffs company. He was able to achieve some of the scheming through running his investments through a different part of his business. This was a way for only him to see the investments and the financial reports behind the investments. Bernard Madoff involved people
I’m doing my Case presentation on the Madoff Scandal because I find it very interesting and have heard about it before and wanted to know more details about the story. Like who were the major players and how much money did he really steal from people?
Temkin, G. (1998). Karl Marx and the economics of communism: Anniversary recollections. Communist and Post-Communist Studies, 31(4), 303–328. doi:10.1016/S0967-067X(98)00014-2
Bernie Madoff conducted one of the largest Ponzi schemes in the history of the United States.
Commodity fetishism has blinded people into believing that value is a relationship between objects, when in reality, it is a relationship between people. This in turn, prevents people from thinking about the social labor condition workers have to endure; they only care and value about how much objects costs. They think that the source of the value comes from the cost, but it truly comes from labor (FC). Through this objectification stems alienation and estrangement. Marx starts with the assumption that humans have an intrinsic quality. As human beings, individuals like to be create and manipulate his or her environment. Creating is a part of people; therefore, people their being into their creations. However, Marx postulates that capitalism and specialized division of labor separates that working class from their creations in four ways- through alienation from the product, the labor process, one’s species-being, and humanity itself. The working class suffers through this hostility to make create more wealth for owners of factories. They get trapped in a cycle to make products for profit, but as automation advances, machines begins to take over people’s jobs; therefore, there less employment opportunities available, which in turn allows factory owners to decrease wages and exploit and devalue the working class (EL). In the The Poverty
Karl Marx was born on May 5, 1818, in Trier, Prussia. A well-known philosopher, economist, sociologist, journalist, and revolutionary that studied law at the University of Bonn. He then switched to philosophy and continued education at Berlin. Together with Friedrich Engels, Marx produced some of his major works ‘The German Ideology’ (1846), ‘The Communist Manifesto’ (1848), and ‘Das Capital’ (1867). Das Capital remains to be Marx’s greatest achievement, a powerful insight that
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The capitalist is motivated by being rewarded wealth. Capital can only multiply by giving itself in return of labor power. This exchange is based on specified percentages. For example, after a long 12 hours of weaving the worker is only compensated two shillings. They attain residual wealth by taking advantage of workers. These workers are being compensated less than the value of their work. The workers endure great deals of exploitation. Workers put their labor power into effect to acquire means of survival which makes existence possible. The amount of commodities is based on the cost of life and the workers’ work ethic. Marx foreseen that class conflict between the bourgeoisie and proletariat would result in the collapsing of capitalism. The motivations of the capitalist and the workers create conflict because the capitalist attempt to uphold capitalism by advocating their principles, beliefs, and fabricated perceptions that prevent proletariats from rebelling. Once the two classes conflict with one another the cla...
Marx, Karl, and Friedrich Engels. The Communist Manifesto. Trans. Paul M. Sweeny. New York: Monthly Review Press, 1998.
...heir obsession with materials and wealth. However, though each class tries to rise higher than those below, the fact is that each class is crucial in the survival of the others.
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In proving this old proverb, Karl Marx explained some key features of capitalism that remain relevant today. Towards the end of the first chapter of Das Kapital, after having established the validity of the labour theory of value, Marx presents a section on the Fetishism of Commodities.
Capitalism dominates the world today. Known as a system to create wealth, capitalism’s main purpose is to increase profits through land, labor and free market. It is a replacement of feudalism and slavery. It promises to provide equality and increases living standards through equal exchanges, technological innovations and mass productions. However, taking a look at the global economy today, one can clearly see the disparity between developed and developing countries, and the persistence of poverty throughout the world despite the existence of abundant wealth. This modern issue was predicted and explained a hundred and fifty years ago in Karl Marx’s Capital.