Marxism and Global Capitalism

Paper Summary:

This paper embarks on an examination of the theories of Marxism and argues that a specific engagement with "The Communist Manifesto" should prove to be fruitful in fulfilling this task. It points out that the theories of Marxism were based on the notion that the degeneration of capitalism would contribute to its eventual downfall, however the antithesis of degeneration has occurred. Hence, one could argue that the theories of Marxism carry no more relevance in an age of global capitalism. Despite this, this paper goes on to contend that to leave ones analysis at this would make it incomplete. One needs to go below the surface and back to "The Communist Manifesto" where amongst the passages one will find Marx and Engels anticipating and providing a vivid account of the global capitalism the world is now experiencing and a number of examples to support this are cited. Further evidence is cited which explains the reasons why the proletariat have not revolted. It concludes by noting that countless changes have occurred in the world since "The Communist Manifesto" was written which may well have led to a decline in the "fashion" and significance of Marxist theories.

From the Paper:

"Central to Mar's views on the capitalist system lies his notion of "surplus value" which is the difference between the value of capital at the start of the capitalist production process and the additional value of commodities, which are produced. Surplus value only occurs in capitalist societies. The critical point that Marx makes is that the bourgeoisie or the minority of individuals appropriate surplus value or profit, which is in reality, produced by the rest of society namely the proletariat. Someone else reaps the product of their labor, they have invested their time and efforts in it, yet it is taken away from them. The profits of capitalist depend on the exploitation of the worker."

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