Karl Marx 's View On The Labor Value Of Theory

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Karl Marx was a German “economist and political scientist” who viewed capitalism “from a more pessimistic and revolutionary viewpoint” (Gorman, 2003). Karl Marx believed “that the basic determining factor of human history [was] Economics” (Famous101.com, 2011). Marx argued that the people within the classes were bound to remain “because of the very nature of capitalism” (Prabhat, 2012). Instead, Marx believed “…that the value of a good or service is dependent upon the labor used…” to produce it (Investopedia, 2014). What did Karl Marx hope to accomplish by publishing his view on the Labor Value of Theory?
Karl Marx lived from 1818 to 1883 and published his most famous work, The Communist Manifesto, in 1848. His father was a lawyer “who came from a long line of Rabbis” but eventually became a protestant “to keep his job”. Marx began studying Hegelianism at the University of Berlin when he was 18 years old. During that time, Marx questioned the “…abstract thought of philosophy” and instead believed in the “… material base of economics”. This was, of course, in stark contrast to Hegel’s “…philosophy of law.” Marx saw society “…as a sphere to be studied in order to understand the historical development of humankind” (European, 2012).
During the time of the publishing of his Communist Manifesto, there was a major unemployment crisis underway due to the advancements of the industrial revolution. In New England, factories started to boom and suddenly worker’s conditions
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