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(Student Name) (Instructor’s name) (Course name) 18th September 2012 The development of modern economics, sociology and journalism, have been instigated by various philosophers from the developed and developing countries. One of the notable philosophers who have significantly contributed in the three fields is Karl Marx.
This paper seeks to analyze Karl Marx view of capitalism and the major criticism of the system by Karl Marx and other individuals. Capitalism refers to the economic system that is open to new firms and ideas thus resulting to more innovation. One of the major aspects that led to the support of the capitalism by Marx is that it leads to economic efficiency due to the fact that the principles of capitalists are widely adopted at the international and national levels. As a result of free entry of new firms in the capitalism system, the level of investment rises leading to more job opportunities and improved economic position of households. In this regard, Marx just like Engels, his fellow philosopher was on the opinion that capitalism should be emulated by government and business communities since it improved the living standards of individuals by initiating technological, scientific and economic developments. In his analyzes of capitalism, Karl Marx covered two main elements that include Proletariat and Bourgeoisie. The section below candidly indicates the relationship between the two elements according to Karl Marx. Capitalist class structures Proletariat and Bourgeoisie are the two primary social classes that make up capitalists society. ...
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