Marx - ), extending and critiquing the work of earlier...

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The three primary aspects of Marxism are: 1. The dialectical and materialist concept of history — Humankind's history fundamentally is a struggle between social classes . The productive capacity of society is the foundation of society, and as this capacity increases over time the social relations of production, class relations, evolve through this struggle of the classes and pass through definite stages ( primitive communism , slavery , feudalism , capitalism ). The legal, political, ideological and other aspects (e.g. art) of society are derived from these production relations as is the consciousness of the individuals of which the society is composed. 2. The critique of capitalism — Marx argues that in capitalist society, an economic minority (the bourgeoisie ) dominate and exploit an economic majority (the proletariat ). Marx argues that capitalism is exploitative, specifically the way in which unpaid labor ( surplus value ) is extracted from the working class (the labor theory of value
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Unformatted text preview: ), extending and critiquing the work of earlier political economists on value . Such commodification of human labor according to Marx, creates an arrangement of transitory serfdom . He argued that while the production process is socialized, ownership remains in the hands of the bourgeoisie. This forms the fundamental contradiction of capitalist society. Without the elimination of the fetter of the private ownership of the means of production , human society is unable to achieve further development. 3. Advocacy of proletarian revolution — In order to overcome the fetters of private property the working class must seize political power internationally through a social revolution and expropriate the capitalist classes around the world and place the productive capacities of society into collective ownership . Upon this, material foundation classes would be abolished and the material basis for all forms of inequality between humankind would dissolve....
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This note was uploaded on 11/09/2010 for the course FINC 2012 taught by Professor Andrew during the Three '10 term at University of Sydney.

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