Hi, need to submit a 1250 words essay on the topic Philosophy 2.Download file to see previous pages... This paper seeks to analyze Karl Marx view of capitalism and the major criticism of the system by

Hi, need to submit a 1250 words essay on the topic Philosophy 2.

This paper seeks to analyze Karl Marx view of capitalism and the major criticism of the system by Karl Marx and other individuals. Capitalism refers to the economic system that is open to new firms and ideas thus resulting to more innovation. One of the major aspects that led to the support of the capitalism by Marx is that it leads to economic efficiency due to the fact that the principles of capitalists are widely adopted at the international and national levels. As a result of free entry of new firms in the capitalism system, the level of investment rises leading to more job opportunities and improved economic position of households. In this regard, Marx just like Engels, his fellow philosopher was on the opinion that capitalism should be emulated by government and business communities since it improved the living standards of individuals by initiating technological, scientific and economic developments. In his analyzes of capitalism, Karl Marx covered two main elements that include Proletariat and Bourgeoisie. The section below candidly indicates the relationship between the two elements according to Karl Marx. Capitalist class structures Proletariat and Bourgeoisie are the two primary social classes that make up capitalists society. According to Karl Marx, Bourgeoisie are the owners of the factors of production that includes land, machinery, raw materials, factories as well as business organisations that are used to produces commodities demanded by members of the society. On the other hand, Proletariat works to earn wages and they own little or no property. Similarly, Marx depicts that due to the polarisations of the classes within a society, members of the intermediate classes would be converted into either Proletariat or the Bourgeoisie. Nevertheless, Marx argued that as a result of economic growth and the establishment of stock companies, the level of employment would improve leading to more jobs thus resulting to emergence of middle class. The major area that Marx covered in his theory of capitalism is the relationship that exists between Proletariat and Bourgeoisie. He indicated that the two classes are dependent on each other. For example, Bourgeoisie depends on Proletariat during the production of goods and services since the latter do not own property and they have to work to earn wages. In this way, Bourgeoisie derives profits from their firms. On the other hand, Proletariat relies on Bourgeoisie who provides them with employment opportunities from where they generate their income. Even though the two classes have strong positive relationship, the aspects of conflict and exploitation are evident. For instance, the Proletariat who are the providers of labor in the firms owned by Bourgeoisie, are exposed to poor working conditions that includes low salaries, working for long hours that exposes them to poor health as well as poor housing. In their efforts to increase profits, property owners exploit the workers by paying them low salaries that is not equivalent to the value of the goods and services produced in the factories. The theory of capitalism as depicted by Karl Marx, stipulates that the decision of which goods and services to produce largely depends on the desire to maximize profits rather than the need to meet human wants.