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Karl Marx (1818-1883) Sociologist.. by BhbHoLLAH (m): 11:16am on December 4
Abdulsalam Habeeblah
Kwara state polytechnic,ilorin
Masscommunication
Graduate
Karl Marx was a philosopher, author, social theorist and economist famous for his theories about capitalism and
communism. Marx, in conjunction with Friedrich Engels , published The Communist Manifesto in 1848; later in life, he wrote Das Kapital (the first volume was published in Berlin in 1867; the second and third volumes were published posthumously in 1885 and 1894, respectively), which discussed the labor theory of value. Ironically, Marx was eloquent in describing the exploitation of the working class while personally failing to maintain a job for a significant period of time.
Marx was inspired by classical political economists such as Adam Smith and David Ricardo , while his own branch of economics, Marxian economics, has largely fallen out of favor among modern mainstream thought. Nevertheless, Marx's ideas have had a huge impact on societies, most prominently in communist projects such as those in the USSR, China, and Cuba. Among modern thinkers, Marx is still very influential among the fields of sociology, political economy and strands of
heterodox economics.
While many equate Karl Marx with socialism, his work on understanding capitalism as a social and economic system remains a valid critique in the modern era. In Das Kapital (or Capital in Eglish), Marx argues that society is composed of two main classes: Capitalists are the business owners who organize the process of production and who own the means of production such as factories, tools and raw material, and who are also entitled to any and all profits. The other, much larger class is composed of labor (which Marx termed the "proletariat". Laborers do not own or have any claim to the means of production, the finished products they work on, or any of the profits generated from sales of those products. Rather, labor works only in return for a money wage. Marx argued that because of this uneven arrangement, capitalists exploit workers.
Another important theory developed by Marx is known as historical materialism. This theory posits that a society at any given point in time is ordered by the type of technology used in the process of production. Under industrial capitalism, society is ordered with capitalists organizing labor in factories or offices where they work for wages. Prior to capitalism, Marx suggested that feudalism existed as a specific set of social relations between lord and peasant classes related to the hand-powered or animal-powered means of production prevalent at the time.

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