Marxism is not dead. It is a
useful tool to analysed various condition in social,economy and even
culture.The method of analysis allows the birth of other others ideas such as
social democracy,Keynesian economics,institutional economics ,welfare
capitalism and others. It is the first ideology that popular and look at
workers as the focus on the economy. There’s a few reasons why Marxism tool is
still useful.
1.
Historical approach
Marxist
use the method of historical approach of analysing the problem. He predicted
that the free market system will collapse and in crisis. This will lead to the
market taken over by the proletariat. It
is going to a dictatorship like a form of socialism where economic power
was in the hands of the majority. However ,Marx wrote little about the detailed
of the communist economy that would replace capitalism,except it would be based
on common ownership. However the crisis that the world had experienced force
the scholars to take the element of Marx critique on capitalism seriously.
2.
Labour Theory Value
Karl Marx describes the famous
description of the labour theory of value in his magnum opus Capital. Factory
owners wanted to maximize their profit by reducing the cost of production. Marx
said that the workers should be valued at the cost of production. All the other
cost must be measured first, and the minimum and fair price for the workers'
effort must be put in place,after that then the value of profit for producer
can be determined. Marx says without the labour, any element may not have value
at all. However, Marx did not deny the importance of supply and demand in the
marketplace would influence the values
or price of good in the short run. This critique is the seed of minimum wages
that most of developed country applies today.
3.
Class analysis
Class analysis is another tool
that were useful on Marx critique. Many scholars used this tool to analyse
certain economic, or social problem based on class analysis. It is the tool to
see whether there is some kind of elite group that are manipulating the “lower”
class of society. In politics, the leaders will use these tools to highlight
problems in society and use it get support. Government cronies , landlord and capitalist
usually label by politicians as the source of conflict and term as Bourgeoise
and people and workers are proletariat .This tool was used especially in
democratic country to call amass support to change the government.Even though
it would not lead to revolution as Marx predicted, it does the job that
politicians want.
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