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Marxism and Finance

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Marxism and Finance

...Capitalism revolutionized the entire economic and societal structure. Wealth was linked to trade and production. For the first time, serfs had the ability to acquire some wealth because wealth was no longer based on lineage. Under this new system, owning a business became the major way to generate wealth, which created some opportunity for serfs that had a skill. Furthermore, land became a commodity that could be bought and sold.
Previously, land did not change hands and the king could seize it at any time. In capitalism property was bought and sold and people could do with it whatever they wished. In feudalism profits were considered immoral, but under capitalism profits became the way to obtain a better life. Capitalism is the separation of the economy and the state. It is a social system based upon private ownership of the means of production, which entails a completely uncontrolled and unregulated economy where all land is privately owned. Capitalism has been described as the "a social harmony through the pursuit of self-interest".
This is because those who promote capitalism, believe in that by leaving the state of the economy unregulated, and by each individual left in pursuit of his own self-interests, the economy will automatically adjust itself to achieve the maximization of economic utilities for society and consequently social welfare. With capitalism, a fast growing social class known as the lower working class subsists based on a sole requirement; that they work for the owner of a producing business. Production becomes a key component of this new economic structure and Marx consequently defines social class as "relations to means of production". Instead of society being divided into the landowners and non-landowners, it was divided into those that own and those who work for the one who owns. Capitalists built huge factories instead of small workshops and began to employee hundred of workers at a time.
The capitalist owned the factory, the land, raw materials which provided the technology and energy to produce furthermore instructed workers provided the know how. Then the goods produced were sold and the capitalist paid the worker a wage and kept the profits. Even though, a select few of the workers who were skilled earned a slightly higher wage, the majority worked to just earn enough money to sustain them selves. The capitalist paid as low a wage as possible and tried to sell their products for as high a price as possible. Most capitalists were very successful. They reinvested their money into new ventures and their wealth grew.
Marx recognized that Capitalism divides society into classes, whose interests are not only different, but are opposed to each other. According to Marx the relationship between the capitalist and the worker is inherently antagonistic...

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