11 Questions
What is the main characteristic of a capitalist economy?
Monetary value assigned to goods, labor power, raw materials, and machinery
According to Fordism, what is considered a new basis of social organization?
Clock time
What does Economic Liberalism emphasize regarding economic activities?
Individual profit-seeking activities lead to societal welfare
In the Marxist Approach, what creates exploitation in a capitalist society?
Surplus value from unpaid hours of laboring
What is the main focus of the Marxist Approach in analyzing capitalism?
Examining the social relations and classes based on means of production
What is one major consequence of the lack of property ownership under Capitalism?
Higher degree of alienation from product and production process
What is false class consciousness?
Being exploited but thinking as a capitalist
What are the social change stages leading to Communism in the context of class struggle?
Class position -> Class polarization -> Class consciousness -> Communism
What is a significant strength of analyzing structural contradictions in capitalism?
Understanding the global concentration of capital & production
What is the primary cause of a spiraling effect leading to wage reduction or unemployment among the working class?
Decreased consumption among the working class
Why does Marx criticize his own prediction not being actualized?
Under-conceptualizing intra-class conflicts within the same class
Learn about the characteristics of a capitalist economy, including the investment of capital in production, monetary value, and accumulation of capital. Explore topics like market saturation, industrialization with clock time as a new basis of social organization, Fordism, and economic liberalism.
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