Karl Max’s Views of capitalism

Name
Instructor
Course
Date
Karl Marx’s Views of Capitalism
Capitalism is an economic system where the trade and industry of a country are under the control of private owners. The state has no control over these resources.
In 1857, the financial crisis together with the reign of capitalism in Europe led Marx to believe that this would create favorable conditions for a new revolutionary period throughout the continent. In his criticism of capitalism, he looked at the general production of a country and its relation with distribution, exchange, and consumption. Also, he also studied the method of political economy and forces of production CITATION Kar39 l 1033 (Marx). He describes the labor under a capitalist mode of production as being an abstract kind of labor that is detached from unique personal attributes of a precap world (Marx, Economic and Philosophical Manuscripts; Estranged Labour)
He further argued that the 19th Century was the third last stage of development that the capitalist world was to know a disastrous political revolution, which would then lead to a final societal form, which in this case is a free society with no class distinction CITATION Imm74 l 1033 (Wallerstein). Marx pointed out that capitalists would eventually accumulate more and more capital, which would most likely impoverish the working class and this is where socialism would come in because human to human relations would be reinforced.
Overall, Karl Marx viewed capitalism as a stage in history whose progression was steady at first but would ultimately decline and be replaced by socialism.

References
Marx, Karl. “Economic and Philosophical Manuscripts; Estranged Labour.” (1844)
Marx, Karl. “Karl Marx’s Grundrisse: Foundations of the Critique of Political Economy 150 years later.” (1939)
Wallerstein, Immanuel. “The Rise and Future Demise of the World Capitalist System: Concepts for Comparative Analysis.” (1974): 387- 415