Question

4. Karl Marx was an advocate for change to socialism, but Marx also believed that capitalism would inevitably fail on its own, creating socialism inevitably.

A, B. Separately answering as parts A and B, give and explain two attributes of capitalism that Marx believed would cause capitalism to collapse on its own.

C. According to Marx, what is the difference between socialism and communism?

D. How did Marx think that a nation would make the change from socialism into communism.

Answer 1

a) One attribute that would cause capitalism to collapse is: competition. Competition among the bourgeoisie would result in them cutting their prices of the products to survive in the competition. This will result in fall in their revenue and subsequently in their profit. This will result in collapse of capitalism.

b) Increase in supply over demand: With exploitation of labour class by the capitalists, the labour class will not have enough to spend and this will cause underconsumption. So the supply would be more than demand. So the price of the products will fall reducing the revenue of the capitalists and their profit. This will result in the collapse of capitalism.

c) Marx used socialism and communism interchangeably. Marx referred to communism as revolutionary socialism or a communist society which came into existence after collapse of capitalism. Notion that socialism and communism are different came into existence after his death.

d) Socialism and communism were not considered to be different by Marx. Movement and transition of a society from class to classless was communist society which was nothing different from that of socialism, according to Marx.