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Questions and Answers
What are the two fundamental classes that dominate society under capitalism?
What are the two fundamental classes that dominate society under capitalism?
- The production class and the consumer class
- The capitalist class and the advisory class
- The capitalist class and the working class (correct)
- The employed class and the unemployed class
How does capitalism primarily generate profit?
How does capitalism primarily generate profit?
- By enhancing production efficiency
- By expanding into new markets
- By exploiting wage labor (correct)
- By increasing the price of commodities
What is the defining characteristic of commodities produced under capitalism?
What is the defining characteristic of commodities produced under capitalism?
- They have no exchange value
- They are produced for personal use
- They are not useful
- They are made to be sold in a market (correct)
Which concept relates the exchange value of a commodity to labor?
Which concept relates the exchange value of a commodity to labor?
What is a possible secondary factor that influences actual market prices apart from labor time?
What is a possible secondary factor that influences actual market prices apart from labor time?
What does 'capital' refer to in the context of capitalism?
What does 'capital' refer to in the context of capitalism?
What does the term 'use value' signify in commodification?
What does the term 'use value' signify in commodification?
What primarily distinguishes the working class in capitalist society?
What primarily distinguishes the working class in capitalist society?
What is the primary characteristic of capitalism?
What is the primary characteristic of capitalism?
What happens to workers when they are separated from their means of production?
What happens to workers when they are separated from their means of production?
What is surplus value in the context of labor and capitalism?
What is surplus value in the context of labor and capitalism?
How do capitalists typically generate profits?
How do capitalists typically generate profits?
What does the Labor Theory of Value suggest regarding workers' wages?
What does the Labor Theory of Value suggest regarding workers' wages?
What is a consequence of capitalists avoiding paying the full value of labor?
What is a consequence of capitalists avoiding paying the full value of labor?
What do capitalists use surplus value to cover?
What do capitalists use surplus value to cover?
In the context of labor economics, what must happen for capitalism to function effectively?
In the context of labor economics, what must happen for capitalism to function effectively?
What does Marx mean by 'alienation' in the context of labor?
What does Marx mean by 'alienation' in the context of labor?
What is meant by 'commodity fetishism' according to Marx?
What is meant by 'commodity fetishism' according to Marx?
What is the central contradiction highlighted by Marx regarding capitalism?
What is the central contradiction highlighted by Marx regarding capitalism?
What result does the clash between socially produced wealth and private ownership create in capitalism?
What result does the clash between socially produced wealth and private ownership create in capitalism?
How has capitalism addressed its past crises according to the content?
How has capitalism addressed its past crises according to the content?
Which of the following best describes the conditions of ‘alienated labor’?
Which of the following best describes the conditions of ‘alienated labor’?
What happens as a result of commodity fetishism in capitalist society?
What happens as a result of commodity fetishism in capitalist society?
What aspect of capitalism does Marx find to be non-fatal despite its identified contradictions?
What aspect of capitalism does Marx find to be non-fatal despite its identified contradictions?
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Study Notes
Capitalism
- Driven by profit maximization
- Two classes: capitalist and working class
- Capitalists own means of production, working class sells labor to survive
- Exploitation of wage labor is key to profit
Commodities
- Use value: usefulness of a product or service
- Exchange value: value assigned in a market
- Capitalism commodifies more things as it expands
Labor Theory of Value
- Exchange value based on average labor-time needed to produce a good
- Market prices affected by supply/demand, monopolies, tastes
- Labor power's value: based on labor-time needed for training, sustenance
- Capital (machinery) is "dead labor" exploiting "living labor"
Capital & Labor
- Capitalists need to separate workers from the means of production
- This creates a relationship where workers sell labor to capitalists
- Capital is wealth used to employ labor for profit generation
Exploitation & Surplus Value
- Surplus value: wealth produced by workers beyond wage cost
- Used for: employer profit, resource/machinery costs, interest, rent, retailer profit
- Workers are not paid the value of their output, only the cost of their labor power
- Labor power's value: determined by average labor-time for sustenance, training
- Wages are kept low to maximize profit
- Unpaid labor: housework, childcare, environmental costs
Alienation
- Workers are alienated from products, tools, time, and each other due to capitalism
- Work becomes controlled and profit-driven, not fulfilling
Commodity Fetishism
- Capitalism attributes special qualities (power, status) to commodities
- This masks the exploitation, toxic conditions and environmental damage involved
Capitalism's Contradictions
- Central contradiction: Socially produced wealth vs. private ownership
- Leads to:
- Overproduction (bubbles, booms, busts)
- Recessions, depressions, financial crises
- Centralization: monopolies, elimination of competition
Capitalism's Response to Contradictions
- Capitalism overcomes contradictions by:
- Destroying and rebuilding forces of production (wars, depressions)
- Uneven growth over long term
- Destructive regeneration
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