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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.
- Three '10