A Companion to Marx’s Capital, Essay Example

Marxism: Its Impact on Developing aCentral Idea on What Political Economy is Founded Upon

Introduction

The way a nation improves and develops towards a progressive state is often viewed to be strongly dependent on how well such a nation is able to mandate the ways by which its resources are used and managed to be able to get the best benefits out from such forms of economic elements made accessible for the society’s use. In a way, the economic systems embraced by the society and the administration provide a definite course of insistence on how developmental procedures are introduced to the community and how well the community responds to such advancements in the ways by which they are motivated to engage in economic operations which empowers the whole school of economic development that the society’s economy is highly dependent upon.

Among the many political economists who existed in time, Marx is one among the most recognized ones, whose works and theories about political economy have been strongly analyzed and examined through time. In the discussion that follows, understanding more about the Marxian Economy and the theories that bind it shall be given particular attention to. With the hope of comparing his works with other prominent political analysts of time, the Marxian economy and its principles shall be measured apart from other principles and shall be given particular measure of consideration.

What is the Marxian Economy About?

Understanding the concept of capitalism in economy is the very basis of what the Marxian Economy is about. Apart from Marx’s theory of revolutionary socialism, the Marxian economy insists that there is an existing economic system that leads people towards determining a better sense of what is understood as the more valuable course of determining the role of capitalism in the economic model that Marx tries to promote.

The primary value that the Marxian Economy is dependent upon includes the labor theory of value. This aspect of the theory recognizes the fact that labor is an important part of the economy; thus making humans the indispensable sources of power and motivation that fuels up the overall standing of the economy of a particular community. However, in his theory, he points out that although humans do provide the labor for the economic system’s backbone, they ought not be treated as robots. Because of the fact that humans are living and feeling individuals, the concept of full control should not be applied to their cares and considerations at any cost. For instance, it should be realized that when it comes to developing their essence of care for their environment, humans are given a better chance to perform in the economic system instead of simply providing the labor needed to make the ‘industrial and commercial machines work’.

This is where the conflict begins. While capitalists do recognize that the primary source of their labor power is humans, they often fail to stick to the idea that these humans are not programmable individuals, whose work would be highly dependent on how they want their workers to perform. During such instances, the capitalist are noted to take on the best out of their workers through pushing them to work beyond the agreement and not giving them ample compensation for such work applications. This is where the capitalists pocket the benefits of the system that is way more than what they are allowed to get in forms of returns of investment.

On the side of the consumer, the Marxian economy recognizes the weakness that entails the creation of what is noted as commodity fetishism. This form of thinking that is often produced by capitalists to attract the attention of the market to appreciate the products offered by the existing business entities in the society. Practically, this theoretical explanation of the founding basis of the constructive existence of the principle of supply and demand, gives a definite pattern of understanding that is needed to make sure that the primary actors in the economy are able to embrace the role they are expected to take into account especially in relation to what is noted as the value for economic expansion. Nevertheless, in seeing this path towards economic development, Marx saw another source of problematic picture that identifies fully with the idea of manipulation through power. In here, Marx points out that capitalists take on a distinct sense of determining the path towards economic development as the business owners follow a sense of distinct insistence of what is emancipated as influential strategy whereas the owners of business entities begin to embrace their capacity to put in something into the minds of the people, making them believe that they need such products to survive their everyday lives or at least to satisfy their desires. This is the reason why there exists trendy products; products   that become highly demanded for during a specific span of time and immediately loses its popularity once another product of a much better type comes along the way.

Although this is a problematic form of capitalism, Marx recognizes the necessity of its existence to produce a more remarkably functioning economy that could withstand the test of competition and time adjustment. Relatively, he argues that even though the strategy might seem extensive, at times even evasive of the situation, It could be understood that its necessity becomes valid, simply because of the fact that it emancipates a sense of determination on how the modern market functions. The creation of new needs and wants on the part of the members of the society who are served by the capitalists mandate a distinct growth on how economic functions are identified accordingly based on the social changes that occur through time.

China: A Perfect Example of the Marxist Economy

The emergence of a new community of functioning organizations and distinct industries in China proves to be among the best proofs that the Marxist economy works. This is how the option of development in the country has been well defined, especially in determining how the different members of the community function. Practically, the leveling of the ways by which people take on their roles at a much serious consideration provides a definite option of determining progress through social leveling.

The way the industries employ the lower-end earners in the community and allowing them to earn only as much as they need [unless they do personally intend to embrace something more than what they are living with at present] intend to set the balance in the community thus imposing the need to determine how improved the overall status of the economy is. This is where the emergence of the Marxist view of development in the community and the economy comes into clearer distinction and realization. People who are earning at a lower level of return for their work; usually remain within the poverty line simply because of the fact that they are kept at bay for the sake of fueling the growth of the businesses that they are engaging in; thus giving them the chance to take the role of becoming more endowed in the desire to improve the economy as they work at the bottom of the working class in the country.           

Highlights of the Argument:

People typically categorize Smith, Ricardo, Malthus, JS Mill, Bentham, Say and Marx as the ‘classical political economists.’ It is clear, both from the class texts (Heilbroner and Hunt & Lautzenheiser) and from your own understanding of economics and economic theory, that Marx’s legacy as a classical political economist is distinct from his peers.

Based from the discussion that was presented in the previous section of this document, it could be recognized that the vision of Marx in the overall strategies of capitalism used to fuel up the option of profit-earning in most forms of economy is more dependent on the ideals of reality rather than the mere theory of making things work. Unlike his peers, Marx takes on a more realistic side of the analysis and distinction of what good economic systems are all about. He remains strongly rooted to the idea that when it comes to the economy, nothing is likely to be good enough for everyone else; that there is always something that could be criticized and that there is always something that could be measured against a matter that is understood as extensively effective in terms of measuring the options of economic stability.

Among the many principles of political economy that Marx intended to imply include those that are strongly insistent of what is meant by social adjustment to the politics of economic function. Everyone is expected to take on the challenges of becoming a part of the system; to take a distinct role that allows them to become more effective especially in the sense of determining how effective they are in making a difference to the society’s economy. Practical options of development intend to make a distinct impact on how the economic systems are brought into existence and function. For Marx, the capitalists’ way of running a business is necessary; the authority they take into account to push for the economy’s strength to pursue the goals of progress is efficient enough in mastering the concept of development that most of the time insists on how determinable course of improvement are taken into account. True, there might be some setbacks to the system, but like Marx himself said, these setbacks are necessary to set a foundation for a better sense of realizing what a good economic strategy is all about.

Conclusion

True to its sense, the economy is a system that supposedly involves all. The capacity of humans to be intertwined within such system fuels up the dependability of the economy to support the needs of the people accordingly. The way the resources are handled and managed to provide a cycle of function distinctively insists on how the administrators are able to control the authority placed upon their shoulders. Practical options of development are provided for capitalists to make sure that they are going to be able to embrace such aspect of improvement based on the personal capacities they have to become more productive as they influence the market to accept what they have to offer.

The world continues to depend on economic functions. This is what Marx is trying to point out in the economic system development that it aims to introduce to the world. It could be understood that somehow, economic functions tend to manipulate the thinking and actions of the people living within it. With such course of understanding, Marx is able to identify well with what is noted as extensive course of development especially in accepting both the pros and cons of the system and realizing the fact that the negative aspects of the system might be considered necessary to fuel up the full growth of the economy. Issues on social imbalances especially in wealth distribution are seen to have a great effect on the leveling of labor in the industry; one negative fact that is considered necessary because of the impact it has on the function of the entire economic system.

Works Cited

Fine, Ben. Marx’s Capital. 5th ed. London: Pluto, 2010.

Harvey, David. A Companion to Marx’s Capital. London: Verso, 2010.

Harvey, David. The Limits of Capital. London: Verso, 2006.

Mandel, Ernest. Marxist Economic Theory. New York: Monthly Review Press, 1970.

Mandel, Ernest. The Formation of the Economic Thought of Karl Marx. New York: Monthly Review Press, 1977.