Karl Marx’s Critical Analysis of Capitalism
Capitalism is a term used to define social or economic systems in which the means of production – including capital – are controlled by private individuals. In capitalistic societies, competitive markets, the creation of goods, and the means of production are privately owned and controlled. Capitalistic economies or societies have been subjected to criticism for diverse reasons; there are those who do not agree with capitalistic principles, and there are those who disagree only with some aspects of its outcomes. One renowned individual who is widely known for having criticized capitalism was Karl Marx, a nineteenth-century philosopher.
Central to Karl Marx’s criticism of capitalism is the historical materialism theory. The theory argues that the cultural institutions of human societies such as morality, law and religion are byproducts of collective economic activities. Marx perceived economic systems as containing within them contradictions that lead to their eventual breakdown and replacement with more advanced social and economic lives. These contradictions, such as the need for states to trade with each other lead to the creation of a merchant class, eventually leading to capitalism. Yet, he saw capitalism as also having its own contradictions. As worker exploitation continues and technology advances, more goods are produced. This overproduction eventually proves to be fatal and, leading to communism.
Marx also argued that capitalism and the overproduction of commodities eventually lead to alienation in four ways: it alienates people from the products of their labour, from the labour process, from other human beings, and even from their human nature. Additionally, Marx was of the opinion that what makes people human is their ability to creatively produce and manipulate their surroundings; the things humans produce reflect their humanity. In capitalism, the working classes become alienated from their species-being (human nature) because they lust after the commodities that they produce as if they are not related to their labour, eventually leading to violence. Marxists argue that these contradictions eventually cause capitalistic systems to disentangle and pave the way for better or advanced systems.
One of the strengths of Marxism is that it advocates for true equality in society. Marx believed that social services and the law should promote equality for all people. In such a system, all people will be able to access all important things in their lives, regardless of where they live, their occupation, and even their earnings. Another strength of Marxism is that it has the potential to reduce debts. Under Marxism, people will come together and work collaboratively to achieve success, with the government providing them with the resources they need for success. Additionally, Marxism protects union rights in the sense that it encourages the formation of unions to create a system of “checks and balances for a maximum production level to be achieved.”
But despite the above strengths, Marxism is also not without weaknesses. For example, Marxism does not advocate for private ownership. While Marxism philosophy advocates for people living together in a community and contributing towards the common good, the people are not allowed to have private property. Another weakness is that it limits the potential for entrepreneurship. Running a business under Marxism would mean working for the government because everything is run through the government. Marxism has also been criticized for its potential to lead to dictatorship and communism, factors that can eventually lead to a dangerous society.
References
Lecture Notes on Karl Marx