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Marxist Theory of the Economic Power of Capital

Fred Foster

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Published in Mute Compulsion: A Marxist Theory Of The Economic Power Of Capital

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The Marxist theory of the economic power of capital is a complex and nuanced body of thought that has had a profound impact on our understanding of the capitalist economy. It is based on the idea that the primary driver of capitalist society is the accumulation of capital, and that this accumulation leads to a number of social and economic problems, including inequality, exploitation, and alienation.

The Marxist theory of capital was developed by Karl Marx in the 19th century. Marx was a German philosopher, economist, and sociologist who lived during the Industrial Revolution. He was deeply critical of the capitalist system, and he believed that it was a system that was inherently exploitative and unjust.

Marx argued that the capitalist system is based on the exploitation of the working class by the capitalist class. He believed that the capitalist class owns the means of production, and that they use this ownership to extract surplus value from the working class. Surplus value is the difference between the value of the goods that workers produce and the wages that they are paid.

Mute Compulsion: A Marxist Theory of the Economic Power of Capital

by Samuel W. Mitcham

4.3 out of 5

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Marx believed that the accumulation of capital leads to a number of social and economic problems. He argued that it leads to inequality, as the capitalist class becomes increasingly wealthy while the working class becomes increasingly impoverished. It also leads to exploitation, as the capitalist class uses its power to extract surplus value from the working class. Finally, it leads to alienation, as workers become alienated from their work and from the products of their labor.

The Marxist theory of capital is based on a number of core concepts, including:

Value: Marx believed that the value of a commodity is determined by the amount of socially necessary labor time that is required to produce it.
Surplus value: Surplus value is the difference between the value of the goods that workers produce and the wages that they are paid.
Capital: Capital is the wealth that is used to produce more wealth.
Exploitation: Exploitation is the process by which the capitalist class extracts surplus value from the working class.
Alienation: Alienation is the process by which workers become alienated from their work and from the products of their labor.

Marx believed that the accumulation of capital is the primary driver of capitalist society. He argued that the capitalist class is constantly reinvesting its profits in order to expand its production and increase its profits. This leads to a cycle of growth and accumulation that can be very difficult to break.

The accumulation of capital has a number of negative consequences. It leads to inequality, exploitation, and alienation. It also leads to environmental destruction and social unrest.

Marx believed that the capitalist system was a system that was doomed to fail. He argued that the accumulation of capital would eventually lead to a crisis that would destroy the system.

Marx proposed a number of different alternatives to capitalism, including:

Socialism: Socialism is a system in which the means of production are owned and controlled by the government.
Communism: Communism is a system in which the means of production are owned and controlled by the people.
Anarcho-communism: Anarcho-communism is a system in which the means of production are owned and controlled by the people, and there is no government.

Marx believed that these systems were more just and equitable than capitalism, and that they would eventually replace it.

The Marxist theory of the economic power of capital is a complex and nuanced body of thought that has had a profound impact on our understanding of the capitalist economy. It is a theory that has been widely debated and criticized, but it remains one of the most important and influential theories in the social sciences.

Mute Compulsion: A Marxist Theory of the Economic Power of Capital

by Samuel W. Mitcham

4.3 out of 5