Write 7 pages with APA style on The Ways in Which Marx and Weber Understand the Nature of Capitalism.

Write 7 pages with APA style on The Ways in Which Marx and Weber Understand the Nature of Capitalism. In accordance with Marx’s views on capitalism ‘the two most essential categories in the critique of the image of capitalism in the political economy were thus established as private property and labour’ (Marx, Preface to a Contribution to a Critique of Political Economy, p. 48). In the specific work, it is made clear that the explanation of capitalism by Marx includes ‘the basic class categories of income distribution, viz. wages of labour, profit of capital and rent of land, with an emphasis upon the role and situation of labour and private property in the system’ (Preface to a Contribution to a Critique of Political Economy, p. 29). For Marx, property and labour lead to the development of the capitalistic model of life. In fact, the labour class, which is considered to be – within the context of capitalism – just a means for the production of profit helped towards the development of this system around the world. At a next level, the labour class is the main supporter of the national economy. the capitalists are characterized as the supervisors of the above-described process having only the responsibility for the assignment of works in people belonging in the labour class.

The role of capitalism in modern society can be made understood only if explaining the ‘capital’ – as the basis of capitalism around the world. In the ‘Capital’ (Vol. 1) Marx notices that ‘the circulation of commodities is the starting point of capital. the production of commodities, their circulation, and that more developed form of their circulation called commerce, these form the historical groundwork from which it rises’ (the Capital, Vol.1, Chap. 4). Capital is necessary for all aspects of social life but also for commerce. The methods used for the production of capital – as these methods are presented above – are common – with slightly differentiations – across the countries in the international market. Apart from the capital –as a necessary element of capitalism – other requirements need to exist in order for capitalism to be developed within a specific society.