Question

Find a concept on your own from Karl Marx that is not on the web page of this course. You need to identify the page and source of where you found this concept. What prompted Karl Marx to develop this idea. How would you use this concept to explain: an observation in your life, an historical event, a cultural norm or institution, a local/international problem, create a solution to an environmental issues, or to create a business opportunity?

Answer 1

Karl Marx developed the idea of theory of capitalism wherein capitalism has to be destroyed as he grasped how destructive capitalism could be for there would be rise in social inequality in the economy.

An observation is life is the high amount of inequality even in a prosperous economy such as U.S. because of capitalism.

An historical event is the Great depression and recession which was caused due to malpractices in capitalism wherein there was too much credit being sought.

A cultural norm or institution are the several government measures such as competitive indices and measures which are used to monitor capitalism in the economy.

A local international problem is the unequal distribution of wealth and the rise in economies of scale, giving cheap products, thereby exploiting resources.

I would use theory of capitalism to solve an environmental issue by showcasing how destructive it is for the environment and that reducing the profits and level of capitalism could go a long way in improving social conscience in the society, so that sustainable measures are undertaken.

By using theory of capitalism, I would create a business opportunity by creating measures to reduce poverty by employing the unemployed in productive industries and reducing the level of inequality by lobbying for fairer means of income distribution.

Capital: Critique of Political Economy.