Discuss the Marxism theory of economic development

      

Discuss the Marxism theory of economic development

  

Answers


Dana
Karl Marx argued that the economic situation, the form of production systems is the most important determinant of all the other determinants of the society such as social institutions and ideas as the system of law, morality and education hence Marx is referred to as a materialistic person. He added that the dominant ideas in a society were the result of the economic and material conditions and he was thus opposed to reformers who thought that a mere change in ideas could lead to a change in society. The key to understanding the society at any point is to forecast on the mode of production where he saw the forces of production as the main determinants of the society. Marx argued that history is based on the struggle between the classes and the social relations where the determinants of one’s class is their relationship to the mode of production. History is thus, according to Marx, a function of the economic and material conditions. Marxists argues that only labor should be able to earn and that money should not be able to earn money. Unlike the classical economists, a fundamental Marxists theme is that capitalists profit making constitutes exploitation of workers or underpaying of the employed. Marxists argue that the society serves the dominant classes of the society

Dana05 answered the question on July 3, 2019 at 11:21


Next: Discuss the contribution of John Stuart Mill to the classical theory of economic growth
Previous: Highlight the Marxists criticisms of capitalism

View More Economics Questions and Answers | Return to Questions Index


Exams With Marking Schemes

Related Questions