Vol. 10, Issue 12, Part A (2024)
A critical analysis of Karl Marx’s view on the capitalist mode of production
A critical analysis of Karl Marx’s view on the capitalist mode of production
Author(s)
Ashish Bamel
Abstract
This paper explores key concepts and dynamics central to Marxist thought, focusing on capital, production, the capitalist mode of production, class structures, and the nature of exploitation. It delineates the role of capital as a factor of production, distinguishing it from money and emphasizing its utility in generating surplus value. The capitalist mode of production is analyzed as a system driven by profit accumulation, with its inherent contradictions and implications for labour. Marx's theory of surplus value is employed to illustrate the exploitation of workers under capitalism and its broader socio-economic consequences, including poverty, inequality, and class struggles. The interplay between capitalist competition, technological innovation, and the evolving nature of exploitation is also discussed. Finally, the paper contrasts capitalist and non-capitalist modes of exchange, shedding light on the ideological and systemic dimensions of exploitation, particularly through the concept of reification. This study underscores the relevance of Marxist critique in understanding contemporary economic systems and social inequalities.