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Explain Marx's general law of capitalist accumulation and discuss it's contemporary relevance - Essay Example

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Although there are many aspects of Karl Marx’s theories which can be utilized in order to draw inference upon the current state of economics and the means by which certain historical aspects have taken place, one of the most effective understandings that Marx provided is of course with regards to his definition and understanding of what he termed as “capital accumulation”…
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Explain Marxs general law of capitalist accumulation and discuss its contemporary relevance
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Explain Marx's general law of capitalist accumulation and discuss it's contemporary relevance

Download file to see previous pages... Though Marx does not agree with the means by which capital accumulation takes place, the identifiers that he exhibits with regards to how such a system takes place and is perpetuated is difficult to argue against regardless of the political/economic ideology that the individual may have. As a function of understanding Marx’s identification and theory of capital accumulation, this analysis will approach this topic from a historical and economic standpoint. Moreover, after seeking to define and understand the nuances of capital accumulation, as Marx describes it, the analysis will then move on to attempting to define whether or not this particular definition and understanding is applicable currently or has any contemporary relevance whatsoever. Finally, it is the hope of this author that such a discussion will not only integrate a further understanding with regards to Marx’s original intent and the means by which the Communist definition of capital accumulation was theorized/enunciated but that this realization an understanding will seek to elaborate upon the means by which such a definition/theory continues to be relevant or is entirely irrelevant within the current era. As with so many of Karl Marx’s economic theories, it is of course first necessary to integrate with an interpretation and understanding of how Marx defined human psychology and base nature as a means of better understanding this theory and definition of capitalist accumulation. Ultimately, the writings and philosophy of Karl Marx were concentric upon an understanding that human nature as necessarily developed as a means of ensuring that humans are able to derive all of the necessary requirements for life that they may have. Not distinct from the evolutionary standpoint, Marx theory of human nature specifies that the individual, and the group for that matter, will likely seek to enrich themselves in all manners possible at all times possible (Hein, 2012). According to Marx, this is something of an innate drive that is engaged from the moment that an individual self-actualizes until the time that they die. This primary interpretation of the motivation degree provides is a primal means by which the capital accumulation theory is defined within the Marxist worldview. Delving directly into the definition itself, Marx understood capitalism to be locked in something of a self induced death spiral. This was ultimately the result of the fact that Marx understanding of capital was a situation in which humans invariably seek after wealth and self-enrichment as a means to define their own reality. Although this in and of itself represents and unethical approach, far more unethical, according to Marx, is the reality of fact this reality invariably takes place on the backs of others. This enrichment at the expense of others has profound and severe consequences due to the fact that brutal treatment of the producers is oftentimes affected as a means of capital accrual/accumulation. In short, Marx’s concept of capital accumulation can be understood with regards to the illustration and so many economists oftentimes make with regards to t ...Download file to see next pagesRead More
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