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COR 120 COR120 COR/120 Concepts of Community The Ideal Economic System Essay

COR 120 COR120 COR/120 Concepts of Community The Ideal Economic System Essay

$23.99$25.99

COR 120 COR120 COR/120 Concepts of Community The Ideal Economic System Essay

Emma Michalowski Sanford Zale COR 120-17 30 March 2014
The Ideal Economic System
In his work Capital, Karl Marx criticizes the economic practices of capitalism. In this, Marx discusses many of the important parts of economic systems such as wages and profit.
His criticisms hold great weight in today’s society and should be considered in the design of an economic system.
,

Description

COR 120 COR120 COR/120 Concepts of Community The Ideal Economic System Essay

Emma Michalowski Sanford Zale COR 120-17 30 March 2014
The Ideal Economic System
In his work Capital, Karl Marx criticizes the economic practices of capitalism. In this, Marx discusses many of the important parts of economic systems such as wages and profit.
His criticisms hold great weight in today’s society and should be considered in the design of an economic system. In addition to this, one should consider the distribution of wealth in their design.
In the following essay, determination of wage, profit and distribution of wealth will be discussed in context of historical works.One of Marx’s biggest criticisms of capitalism is the low wage given to laborers.
His belief is that laborers are always underpaid as determined by the allocation of profit and what is deemed a livable wage. According to Marx’s Labor Theory of Value, the laborer should receive all profit because their labor is the only thing that adds value to the commodity (Heilbroner 164).
Marx states laborers are always underpaid because in a capitalistic society the surplus value generated by the laborers work is given only to the capitalist and laborers are paid only for the work they do. In addition to this, Marx discusses how wrong it is that capitalists pay laborers only as much as is needed to keep them barely alive.
He also discusses how the laborers are being extremely underpaid for their work (Heilbroner 178). This point is illustrated in the following quote from Marx’s Capitalas excerpted in Heilbroner:The owner of the money has paid the value of a day’s labour-power; his, therefore, is the use of it for a day; a day’s labour belongs to him.
The circumstance, that on the one hand the daily sustenance of labour-power costs only half a day’s labour, while on the other hand the very same labour-power can work during a whole-day, that consequently the value of which its
use during one day creates, is double what he pays for that use, this circumstance is, without doubt, a piece of good luck for the buyer, but by no means an injury to the seller (Heilbroner 178).
In this quote, Marx states that the laborer generates in profit twice the amount that he is paid in wages, or what has been determined enough simply to sustain the laborer. In addition to these views, Marx also makes it clear that negotiation of wages, as is the case in capitalism is a sham and also generates systematic underpayment of laborers (Heilbroner 173).
This idea is discussed in the following quote from Capital:This sphere that we are deserting, within whose boundaries the sale and purchase of labour-power goes on, is in fact a very Eden of the innate rights of man.
There alone rule Freedom, Equality, Property and Bentham…Equality, because each enters into relation with the other, as with a simple owner of commodities, and they exchange equivalent for equivalent…
Each looks to himself only, and no one troubles himself about the rest, and just because they do so, do they all, in accordance with the pre-established harmony of

COR 120 COR120 COR/120 Concepts of Community The Ideal Economic System Essay

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COR 120 COR120 COR/120 Concepts of Community The Ideal Economic System Essay

COR 120 Concepts of Community School: Champlain College *Professor:RowshawnNemazee, susanholson, Brian Murp… Documents (23) Q&A Textbook Exercises Concepts of Community Documents All (23) Assessments

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