Date Malthus vs. Marx’s Views on Capitalism Over the years, there have been countless debates on the effectiveness of various economic systems, especially capitalism in satisfying human wants and enhancing the prosperity the overall societal…
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Marx on his part argues that crises can also occur. However, they identify problem originating in different ways. Therefore, the essay will explain how each accounts for downturns in capitalist economies. It will go ahead and argue which explanation is more persuasive. To begin with, it is important to understand capitalism and its working in the society. Capitalism refers to an economic system characterized by corporate or private ownership of capital goods through investments that are determined through private decision, and through production, distribution, and the prices of goods that are determined majorly by competition in a free market (Frank 5). Elements of capitalism include production of goods or services for profit, means of production is owned privately, wage labor, and competitive markets. This system became dominant after feudalism diminished in the Western world. It is worth noting that the designation of this system is applied to different historical cases that vary in geography, culture, time, and politics (Frank 9). Capitalism has many variants that bear the aforementioned characteristics though the degree of application of these characteristics may differ a little bit. The main forms of capitalism include state capitalism, free- market capitalism, mercantilism, corporate capitalism, and social market capitalism. Of particular interest to this essay is the production aspect of capitalism, especially as it has been the focus of Malthus and Marx’s arguments. Thomas Malthus is widely known for his theories on population. However, his contributions to political economy theories were equally significant. Malthus argument focused on production and its ability to meet the economic demand of a society. In developing his theories about political economy, he defended Sismondi’s views on general glut. Malthus argues about general glut, which means overproduction of goods, in his Surplus Theory (Hollander 12). According to him, the general glut question may be general as well as particular, permanent or temporary as well. He argues that the concept of the general glut in a given society has a potential of presenting a problem (Buccholz 60). Malthus glut theory was based on insufficient aggregate demand that was analyzed through the existing patterns of expenditure among the three socio- economic classes. He assumed that capitalists would spend their income on basic needs since they will not have time and capacity to utilize all the goods and services at their disposal thus spending most of their income on the capital accumulation (Hollander 26). The property owners on their part would spend most of their income on personal services and luxury items such as culture and arts. Besides, he assumed that laborers would spend most their incomes if not all on basic needs necessary to maintain their basic subsistence level and would not have remaining money for savings. Malthus argued that the glut problem was because of high rate of savings among the capitalists making the capital accumulation rate to be unsustainable. Therefore, demand for labor would increase in order to keep up with the capital growth. This may result to temporal labor shortage causing rise of wages or some newly invested capital may fail to find matching labor hence becoming idle (Buccholz 62). Eventually, this scenario would lead to an economic crisis. To him, overproduction of
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Laborers worked as serfs in plantations and for land owners; hence, there existed two social classes: the landlords and serfs. The landlords were the dominant class while serfs were subordinates (Tucker, 3-6). This is in line with Marxist ideas that the mode of production determined the relations in society.
Karl Marx and Adam engaged in debates and discussions with the aim of restoring tranquility in daily operations in the society. Nevertheless, their discussions differ depending on the different schools of thought they represent. Similarly, Karl Marx and Adam Smith are together since they all believe in classical economic thought.
One of the most imperative reasons behind making an investigation into the topic afore-mentioned includes the evaluation of the political ideology articulated by Marxist perspective while seeking its association with Marx’s viewpoint on historical developments man has observed since the primitive times till the Marx’s era of Industrial Revolution.
According to the researcher, Adam Smith and Karl Marx are individuals that played a major role in the economics field. Their theories have been adopted, referred to and used by several economists in the analysis of concepts. It is important to note that while Adam Smith shows harmony and development, Marx shows struggle, instability and chaos.
And he time and again adhered to a thorough obligation to open experiential examination of the whole story. Marx individual goals were thus certainly framed by means of his ambition to make scientific investigation of the
n his main work, “The Essence of Christianity”, Feurbach explains religion and the creation of God in anthropological terms: the religious God has been created by man as an outward projection of the mankind’s own needs of a better, positive self image, an image of
Marx asserts that the human being has a natural productive capacity: that they are natural workers and have an innate ability to sustain an economy of profit. After exploring this idea in many of his essays, Marx elaborates upon it in the Communist Manifesto by identifying the conditions that are most conducive to the promotion of the natural productive capacity of workers.
This alienation of worker to his product means that his labor becomes an object that assumes an eternal existence, independently outside him. It also means that his products become alien to him standing opposed to him like an autonomous power (Marx, 1978).
” Two economists are going to be considered in detail and further in focus will be their differences. Marx and Malthus arguments of population differ. Actually, it is after Malthus presented his argument that Marx begged to refute these sentiments and views by the former.
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