Student ID # 61009
3. Distinguish and evaluate the three Marxist critiques of capitalism. Capitalism is an economic system, in which prices of the products are decided by the market and government does play significant role in the regulation of market. If we look back into history then we will found that Capitalism has always been remaining subject of criticism from many perspectives. The concept of Capitalism was first criticized by Marxists. They present various lines of argument claiming that capitalism is a contradiction-laden system characterized by persistent crises that have an inclination towards mounting severity. Critiques of capitalism argued that this tendency of the system to unravel combined with a socialization process that links people in an international market, produce the objective conditions for revolutionary change. The three Marxist critiques of capitalism were Karl Marx, Weber and Vladimir Ilyich Lenin. Marxists describe capital as "a social, economic relation" among people. In brief, we can say that they seek to abolish capital. According to the Karl Marx, capitalism is a progressive chronological stage that would ultimately stagnate due to internal contradictions and be followed by socialism. In Karl Marx's view; working class will affect adversely due to dynamic of capital. This will lead to the social conditions for a revolution. Capitalism promotes Private ownership. This means that the people having more money will have control over the production and distribution. This type of economic structure will create non-owning classes on the ruling class, and eventually as a basis of ceiling of human freedom. Both Karl Marx and Weber were against the concept of capitalism. Both noticed significant development of technology and Constantine Kapothanasis
Student ID # 61009
but they disagree in explaining reasons that caused it....
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