Capitalism is a structure of the economy that is built on the principle that the economy shapes societies, mostly leaving two groups of people, the bourgeoisie and the proletariat, in an eternal struggle. Based on Karl Marx, who was a powerful thinker who laid a foundation for understanding capitalism, this system of structure perpetuated inequality and exploitation of low-class people. Engels also improved this concept to expose a harsh truth that the working class in society has to experience. In their criticism of capitalism and the bourgeois, both Karl Marx and Engel are correct in exposing the need for greater equality and the geosystemic inefficiencies inherent in capitalist society.
Karl Marx is among the most noteworthy social thinkers in recent history. Although critiqued by many, his work remains impactful and respected. For Marx, a society is built upon the idea that the economy determines a society’s future. His idea of a feudal society is that “its relations of production, of exchange, and property, a society that has conjured up such gigantic means of production and exchange, is like the sorcerer who is no longer able to control the powers of the nether world whom he has called up by his spells” (Marx and Engels 17). Here, Marx maintained that there was an existing conflict between the bourgeoisie and the proletariat. The bourgeoise represented those who owned the means of production, while the proletariat stood for the laborers.
Karl Marx and Engels dubbed capitalism the dictatorship of the bourgeoisie. They defined capitalism as a way of organizing society in a way that the rich own and control lands, oil, factories, ships, etc., and get richer while the poor in the society who work in the factories, lands, ships, etc., become peasants. Individuals of the lower middle class consisting of “the small manufacturer, the shopkeeper, the artisan, the peasant fight against the bourgeoisie, to save themselves from extinction of their existence ” (Marx and Engels 20). Unlike communism, where resources are acquired and owned by the government and then distributed equally among individuals, capitalism depicts a form in which several profit-making individuals own resources and amenities instead of the government.
From his claims, Karl Marx regards modern society in terms of alienation. In this case, an individual is disconnected from a part of a group or society. From his theory, he defined several types of alienation: firstly, alienation from the product of one’s labor; secondly, from the process of one’s labor; and lastly, alienation from others and one’s self. This concept indicates that in modern society, the proletariat – the working class, has no control over one’s life. He adds that the bourgeois infer false consciousness on the proletariats by developing strategies to dictate the ideology and beliefs of the working class to the bourgeoisie’s benefit, which is achieved through emphasizing competition over cooperation and exclaiming more hard work and more compensation. Economic inequality was justified because, according to the bourgeoisie, the wealthy were more virtuous than the poor. This ideology solely benefited the owners of the workspaces, whom Marx refers to as the bourgeoisie.
Engels’s argument rests on the harsh conditions in the workplaces- mills, mines, factories, farms. “Women were made unfit for childbearing, children deformed, men enfeebled, limbs crushed, whole generations wrecked, afflicted with disease and infirmity, purely to fill the purses of the bourgeoise “(Marx and Engels 64), which led to his book Condition of the Working Class to invoke a sense of change from capitalism to socialism among the bourgeoisie. The working class yet lived and survived on the verge of poverty. Again, capitalism promotes the exploitation of labor in the sense that a firm’s sole focus on profit without minding its staff/workers’ well-being intensifies their exposure to risks. In addition, less compensation for the incompatible amount of hard work drained the mere opportunities for wealth. The bourgeoisie multiplied their income while the laborers shrank any opportunities for breaking the social class bridge.
Capitalism has faced criticism for several reasons due to its characteristics. Firstly, capitalism suffers from the unreliability of growth. In capitalism, when opportunities present themselves, money flows in to take advantage of them. It creates a halt in investment since this produces the effects of an economic boom, which can lead to a recession in industries affected by a previous economic boom. Technically, the system of capitalism advocates, supports and even provides the rights for owners to earn income from the resources they own through a legal system. This would mean that when a firm owner exploits labor or neglects other externalities, they own the right to do so since no government intervention overrides obedience to profit. These externalities may include external costs and pollution caused by the industries. The capitalist framework fails to address various impacts, both societal and economic, which are vital.
Another characteristic is the equity factor. Laborers in a capitalist economy get less compensation regarding the amount of work done. The more work done by the laborers, the more employers earn the more income, and there are fewer payments to the laborers. Ethically, is that fair? I assert that it is not; this challenges the efficiency of equity in a capitalist economy and broadens the bridge between the rich and the poor. Capitalism is based on the simple idea that the motive for economic activity is self-centered. Its economic growth lies on the basis that individuals/ firms maximize profits and consumers maximize spending for satisfaction. The simple interaction between consumers and producers determines price and quantity without the involvement of a government. Due to this, a market may become monopolized or owned by a few firms, which would lead to market imperfections.
In brief, Both Karl Marx and Engel have a correct criticism of capitalism in their profound ideas of social, economic, and ethical dimensions of society. The indictment of the Bourgeoise society by Marx and Engels caved a way to equality and shed light on a slew number of disparities underlining capitalism. It helps expose the limitations within the system that arise as barriers for the low economic classes to break the level of success and create a more improved lifestyle. Through their analysis, we understand how inequality, exploitation, and alienation are caused. While capitalism has undoubtedly brought about unprecedented wealth and progress, Marx and Engels remind us of its human costs and structural flaws. Their call for greater equality, solidarity, and social transformation remains as urgent today as it was in their time, challenging us to envision and strive for a more just and equitable world.
Works Cited
Marx, Karl, and Friedrich Engels. “Manifesto of the communist party.” Social Theory Re-Wired. Routledge, 2016. 136-144.
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