Marxist Approach

Karl Marx:
Marx was a German philosopher, economist, sociologist, historian, journalist, and revolutionary
socialist.
What is Marxism?
Marxism is a philosophy of history. It is also an economic doctrine. Marxism is also a theory of
revolution and the basic explanation for how societies go through the process of change. Marxism is a way
of understanding and analyzing the organization and structure of society. It is also a way of understanding
how societies develop and change.
Marx Theory on Economics:
1. Labour Theory Value
2. Surplus Value
3. Surplus Product
4. Exploitation
1. Labour Theory Value: The economic value of a good or service is determined by the total amount of
labour required to produce it.
2. Surplus Value: Surplus value is equal to the new value created by workers in excess of their own labour-
cost.
3. Surplus Product: It is simply that part of what workers produced which they had to hand over to the
chief, landowner, the lord or the state, in the form of tax, rent or tribute.
4. Exploitation: The act of using another person as a means to one's profit, without providing them fair
compensation.
Marx Theory on Society:
1. Historical Materialism
2. Alienation
3. Class Consciousness
4. Class Struggle
1. Historical Materialism: Looks for the causes of developments and changes in human society in the
means by which humans collectively produce the necessities of life.
2. Alienation: The workers lose the ability to determine his/her life & destiny in the capitalist mode of
production. There are 4 types of alienation:
Alienation of the worker from
a. The work
b. Working
c. Himself as a provider
d. Other worker
3. Class Consciousness: Refers to the belief that a person holds regarding one’s social class.
4. Class Struggle: Tension between different classes of people: Bourgeoisie (Owner) and Proletariat
(Worker).
The collective understanding of all those theories related to society, economics & politics is called as
Marxism.
Conclusion:
Karl Marx was one of the most influential people of his era. He changed the way people looked at
societies. He believed that having all the money with only a few people and the common working class
person did not have enough, would lead to a revolution to a classless society. He started his life with a lot
of money and when he was forced to move to London he lived in poverty. Karl Marx has changed the world
with his writings, theories, and way of thought.