5 Questions
What is the main characteristic of Capitalism?
Private ownership of means of production
What did Marx believe would eventually destroy the capitalist system?
Factories driving small artisans out of business
What do capitalists argue about a capitalist society?
It is fair because individuals gain rewards based on hard work
What do individuals pursue in a capitalist society?
Their own self-interest
What did Marx believe the society was made up of?
Bourgeoisie and proletariat
Study Notes
Main Characteristics of Capitalism
- Capitalism is characterized by private ownership of production and resources.
- It operates on the principles of free markets and competition.
Marx's Belief on Capitalism's Destruction
- Marx posited that inherent class struggles between the bourgeoisie (capitalists) and the proletariat (working class) would lead to capitalism's downfall.
- He believed that economic inequalities would intensify, resulting in a revolution that would establish a classless society.
Capitalist Arguments on Society
- Proponents assert that capitalism promotes innovation, efficiency, and consumer choice.
- They argue that a capitalist society leads to overall economic growth and improves standards of living.
Individual Pursuits in Capitalism
- Individuals pursue personal profit and wealth accumulation as primary motivations.
- Self-interest drives competition, encouraging entrepreneurship and economic expansion.
Marx's View on Society Composition
- Marx viewed society as divided chiefly into two classes: the bourgeoisie and the proletariat.
- He emphasized that the relationship between these classes is purely economic and exploitative, leading to societal tension.
Test your knowledge of capitalism with this quiz that covers its definition, features, and principles. Explore how the economic system functions and the concepts underpinning it.
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