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Writting assessmet - Essay Example

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Marx and Engels purported the view that individual lifestyle experienced a change as a result of capitalism. However, they argued that it is not the individual who would eventually benefit from the change but rather the system. The lower income group’s problems are…
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Running Head: DEVELOPMENT OF ECONOMIC THOUGHT Development of Economic Thought [The of the will appear here] [The of the id will appear here]
[The name of the course will appear here]
[The name of the course number will appear here]
1. Marx and Engels purported the view that individual lifestyle experienced a change as a result of capitalism. However, they argued that it is not the individual who would eventually benefit from the change but rather the system. The lower income group’s problems are amplified and it is the higher income group that enjoys the advantage from the change in the system.
2. Marx stressed a lot on the importance of family as he asserted that families are the foundations of a healthy society. He advocated on the need for healthy marriages and opposed divorces. He was against the concept of family life that was being developed by the bourgeoisie family whose priority had shifted to wealth from love. This exemplifies the contemporary democratic American family lifestyle as Marx predicted in his Communist Manifesto.
3. Karl Marx and Friedrich Engels, Communist Manifesto sheds light on the different classes created during that period. Clash and exploitation have been the main driving force of the relationship two main classes: The Bourgeoisie and the Proletariat. They both remain at conflict with each other because of their economic disparity as the Bourgeoisie Class is associated with wealth, politics and social power while Proletariat’s only source of power is their ability to work. While there remains a constant strive between the two, the irony was that they could not survive without each other. The Bourgeoisie needed the hard work of the Proletariat while the Proletariat was depended on the money and the work provided by the Bourgeoisie. The Proletariat fought for the power to prevent being exploited. It was perhaps on account of this constant striving that labor unions helped provide some power to the Proletariat during the American Steel Revolution.
4. Schumpeter pointed out that the entire society would be able to take advantage of the upsurge of total output. He further pointed out that it was the lower income status group that would be able to enjoy the most advantage. He attributed this prediction to the fact that as the income increased all over Europe, the buying power would eventually increase and people would be more willing to spend on buying and attaining new products and services.
5. David S. Landes, in his book, points out three principal reasons for increase in the average income of the common man in Europe after the Industrial Revolution. Firstly, machines took over the job of people and skills and mastery was no longer in demand; secondly, the concept of mass production where products were continuously being churned out from machines and thirdly, the application of animals and vegetable matter to produce improved matter (Landes, 1998).

References
Landes, D. S. (1998) The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor. New York: W.W. Norton Read More
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