Jackylin Tan 1NU06

1. A society that is predominantly based just about farming will have an

economy based on the seasons, markets, and specific social relations between
farm owner and farm workers. It is the case that an individual’s consciousness is
determined by the forms of social consciousness, which are themselves
determined by the modes of production in said society.

2. Surplus labor is an additional labor with no compensation. According to Marx, it

means labor performed in excess of the labor necessary to produce the means of
livelihood of the worker, “necessary labor”. It is usually unpaid labor. It is
important in the capitalist system in economy because it is the ultimate source of
capitalist profits. Most people are legally free agents who can buy and sell labor
on the basis of more or less equal access to markets, and an equal opportunity to
better their lot in competition with others. The owners of substantial property
assets enter the market with an advantage over people who has no property that
simply has to sell their labor to survive. It gives property owners the power to
command the surplus labor of others.

3. Slavery is the beginning of the so-called “class society” where private property
appears. The oppressed are the slaves while the oppressors are the masters. Slave
society develops when the tribe becomes a city-state. They are deprived of their
own freedom and compelled to work. It is also a form of unfree labor. Feudalism
consists of many classes like kings, lords, and serfs. Aristocracy is the ruling
class. The oppressed are the tenants or the peasants while the oppressors are the
landlords. The serf peasant works for three days for his lord and the remaining
three days are for him.

4. It crushes human potential, destroys fraternity, encourages the inhumane

treatment of man by man, and has other grave effects generically different from
justice, according to Cohen. Overproduction can also lead to the destruction of
capitalism, also the effects of recent wars.

5. Each capitalist has to undercut his competitors if he will have to survive. The best
way to sell cheaper is also to produce cheaper goods. The capitalist has to defend
their private property in the means of production. It destroys not only production,
but also continually bankrupts their competitors and puts them into the ranks of
ones who have no property.

The growth of monopoly capitalism results to the development of

imperialism in the metropolitan countries. It involves with the fusion of finance
with manufacturing capital. National markets became too small for the giant
monopolies as they swallow their weaker competitors, expands their production,
and looks for new and profitable areas for investment.