Karl Marx Economic Philosophy

The relevance of Karl Marx ideas can be felt in the writings of contemporary thinkers in the field of heterodox economics, political economy and sociology. The economic philosophy of Karl Marx was influential to socialism. His writings were meant to comprehend the role of capitalism in the economic and social setting. In the context of capitalism, Karl Marx argues that society is composed of two main classes (Tom, 2010). The Capitalist is the business owners who besides organizing the process of production and being the owner of the means of production including the raw materials, tools and factories, are also entitled to profits. The other much more extensive class is labour (which Marx termed the “proletariat”). Labourers do not own any means production, the finished products they work on, or any profit generated from sales of those products. Rather, the labour class is only entitled to a salary or wage. Another critical theory developed by Marx is known as historical materialism (Bakshi, 2011). This theory posits the ordering of the society which is influenced by the technology employed during the production process.

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Karl Marx economic philosophy
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KARL MARX ECONOMIC PHILOSOPHY 2
Karl Marx economic philosophy
The relevance of Karl Marx ideas can be felt in the writings of contemporary thinkers in
the field of heterodox economics, political economy and sociology. The economic philosophy of
Karl Marx was influential to socialism. His writings were meant to comprehend the role of
capitalism in the economic and social setting. In the context of capitalism, Karl Marx argues that
society is composed of two main classes (Tom, 2010). The Capitalist is the business owners who
besides organizing the process of production and being the owner of the means of production
including the raw materials, tools and factories, are also entitled to profits. The other much more
extensive class is labour (which Marx termed the “proletariat”). Labourers do not own any
means production, the finished products they work on, or any profit generated from sales of
those products. Rather, the labour class is only entitled to a salary or wage. Another critical
theory developed by Marx is known as historical materialism (Bakshi, 2011). This theory posits
the ordering of the society which is influenced by the technology employed during the
production process.
The ideas of capitalism harboring its destructive seed form the tenets of Marxist
philosophy and in turn led to the foundation of communism. The world leaders like Josef Stalin
and Vladimir Lenin who are considered as future communist leaders with the inspiration of Karl
Marx ideas. (Bakshi, 2011). The Marxist philosophical revolution is witnessed in the 21st century
characterized by the persistent fight against the powers of the ruling class. People are protesting,
demonstrating and picketing in parliaments, streets and even factories. Karl Marx philosophy of
alienation is evident today with the United States taking the position which Britain held at the
time of Karl Marx. Statistics have shown a rise in CEO’s salary by an approximate value of
725% while those of workers have risen with an estimated value of 5.7%. In his philosophical

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works, Karl Marx noted the adverse effects of overproduction that characterizes capitalism
(Tom, 2010). In contemporary society, globalization is the manifestation of a world crisis of
capitalism. In the communist manifesto, Marx noted the underlying scourge of unemployment.
In the modern setting, in all section of the society, there is a growing feeling that there exist some
uncontrollable powers that are dominating the people’s lives. The community is growing
insecure with a gnawing sense of uncertainty and fear. The current spheres of unemployment can
be traced back to Karl Marx writings about the reserve army of labour. With the use of metaphor
recorded in volume 1 of the capital, Marx talked about the creation of a world of prices and
markets which acts as a brutal daily experience of reality. The above-discussed philosophies by
Marx formed the basis of his view of consumer society. The historical materialism philosophy
forms the modern day consumer society. It is clear that that contemporary capitalist production
has been held hostage by the internal conflicts and economic crisis. These are the tools used to
analyze consumer society.

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References
Bakshi, O. (2011). “Marx’s Concept of Man: Alienation, Exploitation and Socialism.” Journal
of international studies, 48(2), 85-111.
Tom, J. (2010). "The enduring significance of the thought of Karl Marx." International Journal
of Social Economics, 37(3), 214-238, https://doi.org/10.1108/03068291011018776