Karl Marx Economic Philosophy

Running Head: KARL MARX ECONOMIC PHILOSOPHY 1
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