Karl Marx remained one of the most prominent personalities of the Western world over than a century after his demise. The revolution of world proportions has inspired its endless criticism of capitalism and its promise of an unavoidable and peaceful socialist future. The Marxist vision seemed to have taken root in the first half of the 20th century the Bolshevik Revolution in Russia and the spread of communism across Eastern Europe.

Before the century was finished, the illusion collapsed. The people of Poland, Hungary, the Czechoslovak Republic, East Germany, Romania, Yugoslavia, Bulgaria, Albania and the United States of America, have rejected the Marxist ideology, and undertook an outstanding transition into the still existing private property and market trading system.

Value Labor Theory

Job importance theory is a huge cornerstone of Marx's conventional economy, as seen in Marx’s masterpiece, Capital (1867). The core point of the theory is straightforward: the worth of an entity may be determined objectively by the average hours of work taken to create it.

If, for example, a pair of shoes takes twice as long to make a pair of pants, then shoes are twice as precious as pants. The competitive price of shoes, regardless of the value of physical inputs, is double the price of pants in the long run.

While the labor theory of value is demonstrably false, through the mid-19th century it prevailed among classical economists. The theory of value of work was therefore not unique to Marxism. Yet Marx sought to transform the theory toward the imperialist champions, moving the theory in a path that most classical economists hesitated to pursue. Marx believed logically that the worth of all goods including the commodities sold to capitalist wages could be clarified. This commodity Marx called the "job force" commodity.

The willingness of the worker to generate products and services is labor force. Marx, utilizing classical economic theory, clarified how the importance of labor force would rely on the amount of hours of employment that society requires, on average, for eating, dressing or sheltering a worker in order for him or her to be able to work.

In other terms, the amount of hours of work needed for creating an employee who is fit for work, the long-term salaried employees would get. Suppose that five hours of work are necessary to feed, clothe and protect an employee each and every day so that the employee can work the next morning. The right pay would be five bucks a day if one hour of employment is equivalent to a dollar.

Though Marx was trying to utilize the worth labor principle against capitalism by extending it to its limits, the weakness of principle reasoning and its underlying conclusions were unwittingly illustrated. Marx was justified in stating that classical economics do not describe capitalist profits sufficiently. But Marx did not win, either.

The economic profession dismissed the principle of demand for labor by the late nineteenth century. Mainstream economics now agree that manipulating employees is not beneficial for capitalists. Instead, the company capitalists claim that by forgetting existing consumption, taking chances and organizing production, they reap profit.


Yet Marxism is more than the philosophy of labor worth and Marx's critique of the achievement of benefit. Marx merged economics and ideology to create a brilliant theory of human history and social transformation. Marx claimed that humans are, by their very essence, wild, imaginative entities who can change the universe entirely.

He found that the new, technologically advanced environment appears beyond our influence. For example, Marx criticized the free market as "anarchist," or unrestricted. He believed that our right to take charge of our person and social destiny was impeded by the coordination of the consumer system – by the random buying and selling of private property determined by the supply and demand rules.

Marx denounced capitalism as a mass alienating machine. He claimed this: although employees generate market stuff, market factors, not employees, govern. People must work for capitalists who manage the manufacturing facilities entirely and retain dominance in the workplace. Job, he said, becomes degrading, unitary and ideal not for open, imaginative people but for machinery.

Finally, they themselves become objects — robotic mechanisms that have lost contact with human nature, that decide on the basis of cold gain and loss, with little regard to human worth and need. Marx argued that capitalism impedes our desire to construct a human civilization with ourselves.

A critical yet weak premise resides in Marx's notion of alienation. It believes that an advanced, market-based system will successfully be eliminated and substituted with a democratic, completely planed system. Marx said we are alienated not only because many of us struggle in tiresome, maybe deteriorating jobs, or because we appear to bring profits before human interests by competing on the marketplace.

The dilemma is not job vs. satisfaction. We have become alienated, he has argued, because, as Marx has expected, we have still not planned a structured or completely regulated system, a system without rivalry, gains and expenses, capital and private property, etc. He certainly was a deep-seated thinker who won hordes of followers worldwide. But the time test has not been resisted by his predictions.

While in the past 150 years, capitalist structures have moved, capitalism has not been a monopoly. Actual incomes increased, and rates of profit did not fall. The unemployed have not formed a reserve force. We have battles with the economic cycle, but increasingly economists conclude that the unintentional consequence of government interference could be major recessions and bouts of depression rather than an element inherent in market efficiency.. 


Following the fall of communism, a substantial number of embittered leftists and ex Marxists are now strongly criticizing orthodox Marxism, which has been too unabated by many bourgeois economists for decades. Today, the activities of people involved in the analytical journal Rethinking Marxism are linked with a lively post Marxism. Many of the sharpest post Marxists nowadays enjoy the marginal study, information and motivation issues of social action, rather than attempting to crack esoteric puzzles on value labor theory or proposing new theoretical models of a planned economy. Friedrich Hayek seems to have a more favorable reception in this recent literature than Marx himself. It is impossible to say precisely what will result from these trendsMarxism, but it certainly will not look like the Marxism of the past.




1072 Words


Mar 22, 2021


3 Pages

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