Social Institutions Marx’s Economic Theory Philosopher and historian Karl Marx believed that the economy was the basic institution of society and that all other institutions, such as family and education, served to fuel the economy. As societies became more industrialized, he theorized, they also became more capitalistic. Marx disliked the fact that capitalism created a two-tiered system consisting of factory owners and factory workers, in which the groups were constantly in conflict with each other. Factory owners wanted to pay their workers as little as possible to maximize profits. Factory workers, on the other hand, wanted to make as much money as possible. The advantage was always with the owners, who could choose to fire workers who wanted too much and hire workers who would work for less. Marx was a conflict theorist , believing that in any capitalist society there was always conflict between the owners of the means of production and the workers. He believed that the only way
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This note was uploaded on 01/24/2012 for the course SCIE SYG2000 taught by Professor Bernhardt during the Fall '10 term at Broward College.