The analysis of the Marxist theory of capitalism can be examined thoroughly by under taking an indeed complex arguably three outlines of what the main concept of the Marxian economics is all about.
1. The labour theory of value
2. The commodity nature of production
3. The classes and class struggle
Where the Marxian concepts id known as MARXIST THEORY perhaps less central importance are the thesis of increasing misery. The significance of alienation and the fetishism of commodities. The Marxist labour theory of values together with his idea about the commodity nature of capitalist production seek to explain how the working class is exploited under that system. Wealth is anything useful, produced by human labour from materials found in nature.
In capitalism, wealth takes place in the form of an immense accumulation of commodities. A commodity on the other hand is an article of wealth produced for the purpose of being exchanged for other articles of wealth. The means of production (Land, factories rail ways etc) become capital when used to exploit labour (human energy) to produce surplus value (profit). Money is capital in its pure form. The capitalist invests capital and buys labour power (workers selling their energies) to produce commodities to be sold at a profit. Finally price is the monetary expression of value, some things that are bought and sold are either not products of labour or sell at prices disproportionate to the amount of labour embodied in them.
For example land and objects of art. But these exceptions do not invalidate the labour theory of value as of general applicability. The Marxian theory of class and class struggle is a vital part of explanation of capitalist production. A class is made up of people who are in the same position in relation to the ownership and control of the means of wealth production. For mart and Engels, the class struggle between the bourgeoisie (capitalist class) and the proletariat (working class) is the great level of modern social change.
More on Marxist theory
Originally MARXIST THEORY identified three classes on the basis of source of income; wage for labour, profit for the capitalist and rent for the land owner but capitalist has how succeeded in absorbing the land lord class, leaving society popularized between two classes. Capitalists and workers.
The MARXIST THEORY of class is opposed by those academics who explain class not in terms of ownership or non ownership of the means of wealth production. But in terms of prestige and style of life. Society is said to consist of a hierachy of non-conflicting classes, with names such as upper, middle, working and under or lower class. Such a theory tends to gloss over the fact that only about 2 percent of the population own enough capital to live comfortably on the income it provides, the other 98 percent have to find an employer or live off state benefit.
Other MARXIST THEORY relating to the analysis of capitalism. Includes as such capitalism continues, it will lead to the increasing misery of the working class. His use of the term misery should be taken as relative to that at the capitalist class, not absolute, although the enjoyments of the worker have risen, the social satisfaction that they give has fallen in comparison with the increased employments of the capitalist where our desires and pleasures spring from society. Where we measure them.
Therefore, by society and not by the objects which serve for their satisfaction because they are of a relative nature other economic concepts of Marxist views such as capital accumulation, the (falling) rate of profit and inflation. And as long as other classes and the capitalist class in particular, still exist and as long as the proletariat fights against them it must employ coercive measures that is governmental measures, so long it is still a class itself and the economic conditions which give rise to the class struggle and the existence of class have not yet disapproved and must be forcibly removed with its complete victory. There fore its rule also comes to an end.