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Economic Inequality of Karl Marx - Essay Example

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Professor Name Subject Name September 29, 2011 Economic Inequality of Karl Marx. Before examining Marx’s theory about property and the error in it, we shall look at what is meant by “property” in law and economics. Property is not the ownership of an object but the sum total of rights that the individual owns over the particular object…
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Economic Inequality of Karl Marx
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Economic Inequality of Karl Marx

Download file to see previous pages... It is interesting to observe in this context that the acquisition of an original title from the state to a land is a political act and does not take place as a result of any economic activity. So if the distribution of land or property is lopsided or favours a small percentage of the population; it is a political failure and not an economic one. In a capitalist economy private ownership of property is important. This property need not be only land but can even be property in capital – tools, machinery, equipments, plants, power systems, railroads, financial working capital etc. Even the work of a labour can be said to be a property. Each worker owns this property and can use it to produce wealth; transfer it from company to company or decide against using it. The intention of Marx in proposing communism was not to worsen the already lopsided distribution of capital, he wanted to improve the distribution of property. He hoped that communism will bring forward a more equitable distribution of property leading to a large section of population to enjoy a good life. However he failed to understand that by transferring economic power of the state in the hands of those who already wielded political power will create a tyranny which will be much worse than the tyranny unleashed by the capitalist on the workers. The bureaucrats in such a society will wield not only political power but also control all the factors of production – labour, land as well as capital. It will be impossible for anyone to oppose a person with such unlimited power. Marx’s great error was that he failed to see that the “classless society” which he desired to build will not be made by trusting the political power in group to distribute wealth but by encouraging individual ownership of property. Marx relied a lot on the labour theory of value given by David Ricardo which says that every fruitful is thing is produced only when labour acts on natural resources. This theory negates the importance of capital and property which can be equally important factors in the process of production. When a broad distribution of economic power takes place can individual freedom be guaranteed? People controlling the economics of the state can stand up against the political power if it becomes despotic. It is in capitalism that a more equitable society will be created and not by concentration of all power in hands of one entity called the “party”. Marx made grave error of trying to find in communism what he could have found din capitalism with certain changes. Commodity fetishism plays a very important role in theory on capitalism given by Marx. It links the subjective aspects of economic value to the objective aspects. It basically deals with transformation of a value in the form of an object. He claims that certain economic phenomenon in the open market economy such as money, interest bearing capital is given so much importance that they achieve a power which is superior to the power of people. Marx was particularly harsh on the concept of commodity trade. Commodity fetishism leads to the domination of things in the life of people and the nations. Objects or physical goods become more important than values and human beings. We can see in the contemporary world that corporate expect everyone to work in a professional manner in return for a high pay. (Cutler) Thus work has ...Download file to see next pagesRead More
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