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Marx's Inferno: The Political Theory of Capital

David Foster Wallace

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Published in Marx S Inferno: The Political Theory Of Capital

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Karl Marx's Capital is one of the most influential works of political theory ever written. In it, Marx develops a comprehensive critique of capitalism, arguing that it is a system based on the exploitation of labor and the accumulation of capital, and that it is ultimately doomed to collapse under its own contradictions.

Marx's Inferno: The Political Theory of Capital

by William Clare Roberts

4.8 out of 5

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Marx's theory of capital is a complex and multifaceted one, but at its core is the idea that capitalism is a system that is driven by the accumulation of profit. This profit is generated by the exploitation of labor, which is the process by which workers are paid less than the full value of their labor power. The difference between the value of labor power and the wages that workers are paid is known as surplus value, and it is this surplus value that is accumulated by capitalists in the form of capital.

The accumulation of capital leads to a number of contradictions within capitalism. One contradiction is that it leads to a growing concentration of wealth in the hands of a few capitalists, while the majority of workers become increasingly impoverished. This inequality leads to social unrest and class conflict, which can ultimately lead to the collapse of capitalism.

Another contradiction of capitalism is that it leads to a tendency for the rate of profit to fall. This is because the accumulation of capital leads to an increase in the cost of production, which reduces the profit margin for capitalists. This tendency for the rate of profit to fall can ultimately lead to a crisis of profitability, which can trigger a recession or depression.

Marx believed that the contradictions of capitalism would eventually lead to its collapse. He argued that the working class would eventually rise up and overthrow capitalism, and that this would lead to the establishment of a new, socialist society.

The Exploitation of Labor

The exploitation of labor is the central concept in Marx's theory of capital. Marx argues that capitalism is a system that is based on the exploitation of labor, and that this exploitation is the source of profit.

Marx defines exploitation as the process by which workers are paid less than the full value of their labor power. The value of labor power is the amount of money that it costs to produce and reproduce a worker, including the cost of food, clothing, housing, and other necessities. The wages that workers are paid are typically less than the value of their labor power, and this difference is known as surplus value.

Surplus value is the source of profit for capitalists. Capitalists use surplus value to reinvest in their businesses, which allows them to accumulate more capital. This accumulation of capital leads to a growing concentration of wealth in the hands of a few capitalists, while the majority of workers become increasingly impoverished.

The exploitation of labor has a number of negative consequences for workers. It leads to low wages, poor working conditions, and a lack of job security. It also contributes to social inequality and class conflict.

The Accumulation of Capital

The accumulation of capital is another key concept in Marx's theory of capital. Marx argues that capitalism is a system that is driven by the accumulation of capital, and that this accumulation is the source of its contradictions.

The accumulation of capital is the process by which capitalists reinvest their surplus value in their businesses. This reinvestment can take the form of new machinery, new factories, or new workers. The accumulation of capital leads to an increase in the size and scale of capitalist enterprises, and it also leads to a growing concentration of wealth in the hands of a few capitalists.

The accumulation of capital has a number of negative consequences for society. It leads to inequality, social unrest, and environmental degradation. It also contributes to the tendency for the rate of profit to fall, which can ultimately lead to a crisis of profitability and a recession or depression.

The Class Struggle

The class struggle is another key concept in Marx's theory of capital. Marx argues that capitalism is a system that is divided into two classes: the bourgeoisie and the proletariat. The bourgeoisie is the class of capitalists who own the means of production, while the proletariat is the class of workers who sell their labor power to the bourgeoisie.

The class struggle is the conflict between the bourgeoisie and the proletariat over the distribution of surplus value. The bourgeoisie wants to keep as much surplus value as possible for themselves, while the proletariat wants to increase their wages and improve their working conditions.

The class struggle is a central feature of capitalism, and it has shaped the course of history. The class struggle has led to revolutions, wars, and social改革. It has also led to the development of trade unions and labor laws, which have helped to improve the lives of workers.

The Collapse of Capitalism

Marx believed that the contradictions of capitalism would eventually lead to its collapse. He argued that the growing concentration of wealth in the hands of a few capitalists, the tendency for the rate of profit to fall, and the class struggle would all contribute to the downfall of capitalism.

Marx believed that the working class would eventually rise up and overthrow capitalism, and that this would lead to the establishment of a new, socialist society. Socialist society would be a classless society, in which the means of production would be owned in common and there would be no exploitation of labor.

Marx's predictions about the collapse of capitalism have not yet come to pass, but his theory of capital remains a powerful and influential critique of capitalism. Marx's theory has helped to shape the course of history, and it continues to be relevant today.

Karl Marx's Capital is a complex and multifaceted work, but at its core is a powerful and influential critique of capitalism. Marx argues that capitalism is a system that is based on the exploitation of labor, the accumulation of capital, and the class struggle, and that it is ultimately doomed to collapse under its own contradictions.

Marx's theory of capital has had a profound impact on the world. It has inspired revolutions, wars, and social改革. It has also led to the development of trade unions and labor laws, which have helped to improve the lives of workers.

Marx's theory of capital remains a relevant and powerful critique of capitalism today. It is a reminder that capitalism is a system that is based on exploitation, inequality, and injustice. It is also a reminder that capitalism is not inevitable, and that it is possible to create a better, more just world.

Marx's Inferno: The Political Theory of Capital

by William Clare Roberts

4.8 out of 5