AJINKYA GAWARE 14

KHYATI NISHAR 32

AFREEN SHAIKH 51

MEHAL SHIVALKAR 55

HISTORY

• 5th May, 1818 – 14th Mar, 1883

• Born into a wealth middle class family in Trier in the Prussian Rhineland

BACKGROUND

• A German Philosopher, Economist, Social Scientist, Sociologist, Historian, Journalist and Revolutionary Socialist.

• One of the founders of sociology and social science.

PPOPULAR BOOKS

MARX THEORY ON ECONOMICS:

• Labor Theory Value

• Surplus Value

• Surplus Product

• Exploitation

LABOUR THEORY OF VALUE

The economic value of a good or service is determined by the total amount of

labor required to produce it.

Surplus value

Surplus value is equal to the new value created by workers in excess of their own labour-cost.

Surplus product

It is simply that part of what workers produced which they had to hand

over to the chief, landowner, the lord or the state, in the form of tax,

rent or tribute.

Exploitation

The act of using another person as a means to one's profit, without providing them fair

compensation.

Marx Theory on Society

Historical Materialism

Alienation

Mode of Production

Class Consciousness

Class Struggle

Historical Materialism

Looks for the causes of developments and changes in human society in the means by which humans

collectively produce the necessities of life

Alienation

The workers loses the ability to determine his/her life & destiny in the capitalist mode of production. There are 4 types of alienation: Alienation of the worker from

• The work

• Working

• Himself as a provider

• Other worker

Class Consciousness

Refers to the belief that a person holds regarding one’s social class.

Class Struggle

Tension between different class of people:

• Bourgeoisie (Owner)

• Proletariat (Worker)

MARXISM

The collective understanding of all those theories related to society, economics & politics is called as Marxism.

Why was Karl Marx important to the Industrial Revolution?

• Originated a major criticism of the Industrial Revolution.

• His ideas about the exploitation of the working class.

• First to make people understand that the working people of the country were the one who had the power.

Impact on World

Today there are 7 countries that are communist:

• China

• Cuba

• Laos

• North Korea

• Vietnam

• Cyprus

• Nepal

• Marx's ideas came to impact society most directly after the Bolshevik Revolution of 1917 in Russia.

• The first impact was felt in continental Europe

• German sociologist Max Weber, Frankfurt school; theorists such as Theodor Adorno and British economist Joan Robinson have all produced work drawn from Marxist perspectives.

Criticism

1. Over-concentration:

• Economically determinist

• Overlooked

2. Capitalism has proven to be more durable and flexible.

3. Unscientific.

4. Ignored the role and position of women

CONCLUSION

• Karl Marx was one of the most influential people of his era.

• He changed the way people looked at societies. • He believed that having all the money with only a few

people and the common working class person didn’t have enough, would lead to a revolution to a classless

society.• He started his life with a lot of money and when he

was forced to move to London he lived in poverty.• His theories have made people follow him and to

overthrow their government for the idea of equality.• Karl Marx has changed the world with his writings,

theories, and way of thought.

THANK YOU