Means Of Production Minimum Wage Essay - 1,251 words

Karl Marx is the most controversial economist in history. His writings are studied and debated. He is frequently linked with communism and that association has biased many people against him. Marx's link to communism were formed because many of the socialist dictators such as Lenin studied Marx intensively, however it is erroneous to assume that Marx was a proponent of communism. He was however a critic of capitalism.


He studied capitalism extensively and much of his writings focus on the problems with capitalism and specifically on the exploitation of the worker. By examining the origination of capitalism and the Marxist critique of capitalism, we can gain a better understanding of Marx's viewpoints and separate Marx's views from many of the misunderstandings surrounding Marx. Marx spent a great deal of time examining the conversion of the feudal society to a capitalist society. Before the conversion to capitalism took place, England experienced an industrial revolution. This revolution took place from the 10 th to the 14 th centuries. Around this time, the Plaque that wreaked havoc on England and wiped out nearly half of its population was over.


After the Plague ended, many people inherited a lot of wealth and spending on extravagant items became very common. Additionally, it was during this time that technological advances moved industry forward. The invention of the loom made it possible to create linens rapidly and inexpensively and England's textile industry flourished. Soon after that came the invention of the printing press, which changed allowed for the efficient transfer of information. It was no longer necessary to learn how to do things directly through human contact. This spread of information made it possible for the people of England to organize themselves and to expand their knowledge in different areas of industry.


During the 16 th and 17 th centuries England experienced a turning point in its economic history. During the reign of Charles I, England was going through a period of economic shrinkage. Up until this time English monarchy favored an economic system that was monopolistic in nature. The reason for this is that it gave England greater control over profits and taxation. However, as the merchant class began to grow, England's economic policies began to hinder further growth. The merchant class (referred to by Marx as the bourgeoisie) began to compete with the monopolies and England's economy grew increasingly unstable.


The rising bourgeoisie began to enclose their land and focused their efforts more and more and their own material gain. These economic factors were, in a large part, responsible for the eventual revolution and execution of the King of England, Charles I. The conversion to capitalism took place over a large period of time, but the changes that took place affected every aspect of society. It changed not only industry, but also politics, religion, laws, and peoples social interactions.


In feudalism, wealth was tied to the land. Society was based on agriculture and 90 % of the people worked the land. If someone owned land they were wealthy; the society was divided into two classes, landowners and non-landowners. In feudalism, wealth was inherited. Land was passed on when the landowner died to his descendants and therefore it was impossible for serfs to move up. With capitalism this all changed.


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 ...................................................................................................................................................................................................................................................................................................................................................................

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Essay Tags: merchant class, capitalism, means of production, capitalist society, minimum wage

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