Marxism in Modern Capitalist Society

Abstract

If we analyse the existing financial crises in today's modern world' we can certainly attribute it to Capitalism. Economists believe that the current outrage on the streets of Europe is primarily fuelled by the proletariats of the society. It is also speculated that the proletariat's anger would grow and may take the form of a revolutionary movement that dispels the components of modern capitalism. In modern capitalist economies, the class differences are becoming more evident. A theory of society and history was put forward by Friedrich Engels and Karl Marx; the theory provided concepts on the modes of production, its relations and forces, division of labour, class struggle and ideology as key variables to understanding the society and the speculated uprising of the proletariat class. In today's global society, human emancipation stemming from oppression, exploitation, discrimination and the inevitable linkage between the powerful bourgeoisie and working class proletariats is as evident as it was when the Marxism theory was introduced. This paper will attempt to highlight the development of the bourgeois class in capitalism. How they came to power and managed to maintain their powerbase. We will also highlight the role of the proletariats in the society. An attempt would be made to analyse and learn from the failure of previous communist economies in the world and the potential collapse of the capitalist system.

Marxism in Modern Capitalist Society

Introduction

Economists worldwide hold differing opinions on the solutions to the current economic crises faced by modern capitalist economies. Modern Capitalism encourages privately owned businesses and relies on the ownership of goods and services free from governmental control. In order to find an alternative to Capitalism, economists often refer to the Marxism theory and seek to find an alternative for the system.

The recent upsurge against capitalism in Europe and the occupation of Wall Street are evident of the growing frustration in the dominant economic ideology. Karl Marx predicated a crisis to occur in Capitalism, hence it is important to assess the Marxism theory in modern capitalist society. In the current decade, we witnessed probably the most severe economic crisis of the past century. Even the most stable economies i.e. the United States and United Kingdom were affected badly. Many huge corporations filed bankruptcy along with the closure of high profile banks and funding firms. The economic meltdown had far reaching effects on the whole world.

Offices and operations of many multinational companies are also based in Asia and Africa. Keeping operations in those countries also requires maintenance of a workforce and infrastructure. Due to the meltdown, the companies couldn't afford to carry on with their operations overseas and had to shut down. This resulted in large scale downsizing by many companies. People employed by such companies in the third world were the most affected.

It will outline the rise of the bourgeoisie and the prediction of conflict between the Bourgeoisie and the proletariat working class. The second chapter will highlight how Marxism continually interact the global society and include the ...