Criticism Of Karl Marx's Ideas Of Capitalism

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Bertrand Russell once expressed that “advocates of capitalism are very apt to appeal to the sacred principles of liberty, which are embodied in one maxim: The fortunate must not be restrained in the exercise of tyranny over the unfortunate” (Russell). Even in a relatively capitalist society, there are always criticism regarding the capitalism and its disregard for “the unfortunate” and the tyranny the “fortunate” exert over. The foremost proponent of this antagonism would be Karl Marx, who claimed that capitalism is ultimately hurtling toward its downfall.
The basic premise of the capitalism that Marx denied was as thus: in the modern industrialisation inevitably creates a bipartisan system, in which the bourgeoisie, or those who are the …show more content…

This, in turn, would create a dissention from the proletariat and lead to an uprising. Marx actually predicted that the first ones to have revolution would be the more industrialised countries.
Marx never addressed the actual capitalism we face today in his Das Kapital. Instead, he proposed a setting of ideal capitalism, in which there are “no monopolies, no unions, no special advantages for anyone. It is a world in which every commodity sells at exactly its proper price. And that proper price is its value” (Heilbroner). The value is defined as the amount of labour it took to create that certain merchandise. This obviously has a flaw, as if products were traded at its true value there would be no margin of profit. The margin is produced via the discrepancy of the labour value and the value of the actual labour performed; that is, if a labourer needs six hours of labour to survive at the rate of one pound a day, the labourer would actually work for eight hours while being paid for only six hours. This is because a labourer can only ask for what is due by his subsistence; he can only ask for six pounds a day, because that is all he needs to survive. The capitalist, by owning the means of production, can force the terms into ten our eleven hours as opposed to six, while

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