Topic > Marxism Political Economy - 2246

According to Marxist political economy, exploitation is the key factor on which the very foundations of society are based. With this Marxists believe that exploitation is more than just an economic phenomenon, but rather a norm created through false consciousness, which has infested all aspects of society; it extends from the state to the very structure of the social system. Marx's emphasis on exploitation lies in his belief that the value of a "commodity" derives solely from the accumulated labor expended to produce that good. Although the “labour theory of value” was originally contemplated by classical economists such as Smith/Ricardo, for Marx the emphasis was on labor as a value rather than simply as a cost in the production process. As Dooley explains, “Marx argued that labor was the only value-creating substance” (Dooley 2005) and this point is further developed by Sayer, who states that the key defining feature of Marxism “is the existence of labor power as a commodity." (Sayer 1979). For Marx, work was the source of all wealth in society, which would eventually be transformed by the bourgeoisie into “surplus value” and profit through numerous industrial policies such as specialization through the division of labor. Capitalism is a system that encourages worker alienation since the goods produced are not produced out of need or desire, but in pursuit of profit. It is from this concept that exploitation can be explained. Marx defined exploitation as the surplus value extracted from the workforce to generate profit. This would be achieved by paying wages lower than the value of the goods produced. This theory remains evident in the n...... half of the newspaper ......Economy. London: International Publishers. 19 - 23.Marx, K and Engels, F (2002). The Communist Manifesto. 3rd ed. London: Penguin. 219.Marx, K and Engels, F (2002). The Communist Manifesto. 3rd ed. London: Penguin. 258.Powell, B, & Skarbek, D. (2004). Sweatshops and Third World living standards. The Independent Institute. 53 (1), 6, 10. Sayer, Derek (1979). Marx's method, ideology, science and criticism in capital. 2nd ed. Brighton: The Harvester Press Limited. 44-45.Sumner Colin (1979). Reading Ideologies an investigation into the Marxist theory of ideology and law. London: Academic Press Inc. 44.Woodley, Daniel (2009). Political ideologies. Spain: p43.Woodley, Daniel (2009). Political ideologies. Spain: p42http://news.bbc.co.uk/1/hi/business/7242492.stm (2008)http://www.indexmundi.com/bangladesh/gdp_real_growth_rate.html