THE INTELLECTUAL DISCOURSE OF CAPITAL: KARL MARX
Karl Marx can be said be have written more extensively about the capitalist mode of production than most other subjects. It may even be fair to suggest that he was the most influential thinker to ever concern himself with the subject.
Marx's conception of a capitalist markets can be compounded in the following point.
- Marx saw the market substantive of the division of labor and money economy, and emphasized merciless, cross-border progress pushed by technologies and efficient organization while positioning market participants against each other. He highlighted the central maxim that market players (capitalists-workers, producer-consumers, sellers-buyers) must adhere to the "law" or face penalties of failure.
- He pointed to the essential unlimited accumulation that is a important feature of capitalist markets. This is continued creation and increase of capital which can be said is a end within itself. First it is initial accumulation transferred from other sectors, then later as reinvestment meant for profits, which is value derived from the labor forces.
- Marx understood that the functional logic of the capitalist markets was the antagonism between "owners" of capital and the means of production versus workers, consider the freely employed, on wages and salaries, labor power as commodity. A relationship of dominance and dependency which enable exploitation. The value added and earned by workers, the surplus, was not paid to them. Instead the surplus passes to the capitalist and entrepreneurs for use in further accumulation and provide for their private consumption. The dynamics of the system fuels the class struggle between, what he termed, the bourgeoisie and the proletariat lead to agitation.
- The processes of the capitalist markets dissolves tradition and has spread throughout the world. It extends it's logic to noneconomic part of everyday life. Marx (as well as Adam Smith) thought capitalism was capable of changing society for divisive motives and that this would lead to a commercial economy or a bourgeois society.
Marx's (and Engel's) analysis of capitalism did not concern manifestation prior to the industrialist system. He was more interested in the contemporary form.
Though the critics of Marx are numerous, it can be said that his method of analysis is a point of reference even for his critics.
Related:
WHAT IS A CAPITALIST MARKET?JOSEPH SCHUMPETER: CREATIVE DESTRUCTION?
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