Karl Marx's Advantages And Disadvantages Of Capitalism

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Karl Marx was a philosopher, a sociologist, economist, and a journalist. His work in economics laid a foundation for the modern understanding of distribution of labor, and its relation to wealth generation. His theories about the society, economic structure and politics, which is known as Marxism led to him developing social classes. He later on showed how social classes were determined by an individual’s position in relation to the production process, and how they determine his or her political views. According to Karl Marx, capitalism was a result of the industrial revolution. Capitalism is a system that has been founded on the production of commodities for the purpose of sale. Marx defined the 2. Theoretic View Points to Power According to Marxism, it asserts that a person’s position within the social classes is…show more content…
They control the supply and prices of products. On the other hand, he state is tasked with the responsibility of providing security in the country. The capitalists control the financial sector and indirectly control the power. This is because the government’s policies have to be made in such a way that they conform to the capitalistic views. 4. Advantages • There is increased competition- This is a consequence of capitalism. Increased competition leads to improvement in terms of quality and efficiency of production. It also leads to low prices of products in the market, as producers want to have a larger share of the consumer market. In a capitalistic perspective, businesses that produce high quality products at a low price enjoy a larger market share. • There is decreased government involvement- Government of capitalist states have a minimal approach in dealing with and regulating businesses. This reduces corruption incidences by the government in the country. There are also fewer regulations that can hinder efficient
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