Karl Marx (1818-1883) was a philosopher, author, social theorist, and economist, renowned for his influential theories on capitalism, socialism, and communism. In collaboration with Friedrich Engels, Marx published The Communist Manifesto in 1848 and later wrote Das Kapital, a thorough critique of political economy.
Key Takeaways
- Karl Marx was a pioneering thinker whose works examine economics, political economy, and society at large.
- Born in Germany, Marx spent a significant portion of his life in London, where he composed his seminal works, The Communist Manifesto and Das Kapital.
- A long-time collaborator with Friedrich Engels, Marx advocated for revolutionary socialism and a communist transformation of society.
- While broad acceptance of Marxism and Marxian economics has waned, many of Marx’s critiques of capitalism remain pertinent today.
Early Life and Education
Born in Trier, Prussia (now Germany), on May 5, 1818, Karl Marx was the son of a successful Jewish lawyer who converted to Lutheranism. Marx pursued law studies in Bonn and Berlin, where he encountered the philosophy of G.W.F Hegel. He engaged with the Young Hegelians, a radical movement that criticized contemporary political and religious institutions.
Marx earned his doctorate from the University of Jena in 1841. His radical views precluded a traditional academic career, landing him a job in journalism. He became the editor of Rheinische Zeitung, a liberal paper in Cologne.
After spells in Prussia and France — where he met Friedrich Engels — Marx permanently relocated to London. He spent the rest of his life in the British capital with his wife until his death on March 14, 1883. Marx was buried at Highgate Cemetery, where a significant monument erected in 1954 famously reads, “Workers of all Lands Unite.”
Storm of Theories
Karl Marx’s Theories and His Profound Critique of Capitalism
Marx was influenced by classical political economists like Adam Smith and David Ricardo. Although Marx’s brand of economics, known as Marxian economics, is on the fringe of mainstream thought, his ideas have considerably impacted societies, most notably in the form of new political ideologies in the USSR, China, and Cuba.
Exploitation and Surplus Value
In Das Kapital, Marx explained how society is divided into two main classes: the capitalists who own the means of production and generate profit from it, and the proletarians, the laborers who earn wages without possessing production means. Marx highlighted that the working class (proletariat) is exploited by capitalists, who extract a full day’s work while paying only a fraction of its value as wages — a phenomenon termed surplus value.
The Labor Theory of Value
Marx advanced the Labor Theory of Value (LTV), which argues that the value of a product can be measured objectively by the average labor hours needed to produce it. His work questioned how capitalists derived profit if goods were realistically sold at labor-value prices, suggesting exploitation through underpayment or overwork as the plausible answer.
The Insight of Historical Materialism
Marx’s theory of historical materialism posits that societal order, at any given point in time, is influenced by prevalent production technologies. Under capitalism, for example, societal structures include factory labor and the organizational power of the capitalists. Before industrial capitalism, feudalism was shaped largely by hand and animal-powered means of production.
Legacy of Written Works
Karl Marx’s prolific writing career included at least fifteen books, numerous pamphlets, articles, and essays often drafted in London’s British Museum. His famed work, The Communist Manifesto, co-authored with Engels, highlighted socialist objectives, predicting eventual transitions from capitalist to socialist societies due to capitalism’s unsustainable nature.
Das Kapital volleys a comprehensive critique of capitalism, diligently exploring commodities, labor, and the social division of labor. Its publication continued posthumously, largely through Engels’ efforts based on Marx’s notes.
Deep and Lasting Influence
Marx’s foundational works paved the theoretical roads for future communist icons like Vladimir Lenin and Josef Stalin. He theorized that capitalist pursuits hound relentless profit via competition and technological progress, although this foretold a continuing fall in economic profits, stirring workers toward revolution.
From Economic Change to Social Transformation
UC-Berkeley’s Professor James Bradford “Brad” DeLong cited The Communist Manifesto as highlighting how economic growth instigates shifts in social classes, pointing out often-underappreciated facets such as social emotions and political dynamics. These analyses are precursors to modern discussions on socioeconomic inequities and their potential societal ramifications as noted by thinkers like Thomas Piketty.
Blending Key Philosophies: Marxism vs. Communism
Marxism transcends as a system of socioeconomic discourse, critically analyzing social structures and advocating saw economic systems focused on improving the working class’s circumstances.
The Essence of Marxism vs. Communism
While Marxism presents a socio-economic critique and amalgamates multiple sociopolitical theories, communism stands as the proposed economic system for Marx’s vision. In broad strokes, whereas capitalism and governmental proceedings rival profits leveraging exploitable quotas, communism positions the proletarians as central authoritative juggernauts of systemic output encompassing collective directives, dismissive of excessive oligarchy and exploitation.
Conclusion
Karl Marx remains a pivotal, though divisive, figure. While mainstream thought sidelines Marxian economics as a heterodox phenomenon, Marx’s insights and critiques on capitalism often resonate amid current socio-economic landscapes, reflecting persistent struggles with inequality. Sparking discourse and inspiring sociopolitical movements, Marx’s intellectual influence endures, enriching human discourse centuries beyond his era.
Related Terms: Capitalism, Communism, Socialism, Friedrich Engels, Historical Materialism, Labor Theory of Value.
References
- Marxist.org. “Capital A Critique of Political Economy Volume I Book One: The Process of Production of Capital”, Pages 1-549.
- The British Museum. “The Round Reading Room at the British Museum.”
- Marxist.org. “Capital A Critique of Political Economy Volume I Book One: The Process of Production of Capital”, Page 330.
